“The AT1 instruments issued by Credit Suisse contractually provide that they will be completely written down in a ‘viability event,’ in particular if extraordinary government support is granted,” FINMA said in a statement Thursday. “As Credit Suisse received extraordinary liquidity assistance loans secured by a federal default guarantee on 19 March 2023, these contractual conditions … Read more
Cryptocurrency firms are scrambling to find institutions to bank with after the collapse of Signature Bank and Silvergate Capital. These companies have turned to crypto-friendly Swiss banks, flooding them with requests for banking services, according to multiple industry insiders who spoke to CNBC. Part of why companies are seeking out Swiss banks is the country’s … Read more
An Hour Ago European banking stocks slide Bank stocks slid at the open Monday, with Credit Suisse and UBS driving the fall. Banking stocks were down 2.75% by 9:17 a.m. London time, paring some losses. Credit Suisse shares were down 58%, while UBS recovered slightly to trade 9% lower by 9:17 a.m. London time after … Read more
Regulators in Asia issued reassuring statements Monday that their banking systems remained robust and stable after Swiss banking giant UBS agreed to buy its rival Credit Suisse. Swiss regulators played a key role in orchestrating the forced takeover, to stem a larger banking crisis that would threaten the global system. From Hong Kong to Australia … Read more
56 Mins Ago China leaves 1-year and 5-year loan prime rates unchanged The People’s Bank of China left the loan prime rates for 1-year and 5-year unchanged, after cutting the reserve requirement ratio for almost all banks by 0.25 percentage points last week. The 1-year LPR stayed at 3.65% while the 5-year LPR remained at 4.3%, … Read more
Talks over rescuing Credit Suisse rolled into Sunday as UBS sought $6 billion from the Swiss government to cover costs. UBS is under pressure from the Swiss authorities to take over its local rival to get the crisis under control, two people with knowledge of the matter said. Regulators want a resolution before markets reopen on Monday, but … Read more
Credit Suisse is currently undergoing a massive strategic overhaul in a bid to address chronic issues. The stock has been in persistent decline since the crisis, against the backdrop of investment banking underperformance and a litany of scandals and risk management failures. On Wednesday evening, Credit Suisse announced that it would exercise its option to … Read more
Tech stocks lead Hong Kong index climb; Baidu surges over 10% The Hang Seng index led gains in the Asia-Pacific region on Friday, driven in part by the surge in tech stocks. Baidu was up almost 12% after its U.S.-listed shares surged overnight, following the launch of its Chinese-language ChatGPT alternative – named Ernie bot. Shares … Read more
18 Mins Ago Saudi National Bank says panic over Credit Suisse is unwarranted The chairman of Credit Suisse’s largest shareholder, Saudi National Bank, told CNBC’s Hadley Gamble that the recent market turmoil in the banking sector is “isolated” and stems from “a little bit of panic.” “If you look at how the entire banking sector has … Read more
Markets fell as the banking sector suffered more losses. Federal authorities are probing the collapse of Silicon Valley Bank. Diamond Sports files for bankruptcy protection. Here are the most important news items that investors need to start their trading day: So much for that rebound. After bank stocks helped lead a Tuesday turnaround on Wall … Read more