UBS has struck a deal to purchase troubled Credit Suisse for $2 billion, the Financial Times reported on Sunday, as a maelstrom of higher interest rates and bank solvency fears continue to batter global markets.
: A jittery Wall Street has pummeled bank stocks over the last few weeks, with some nervous that another worldwide liquidity crisis could be in the offing.
However, Capital Economics wrote in a note on Friday that "more problems may yet emerge at other commercial banks in the US. But the industry there as a whole doesn’t have a worryingly high uninsured deposit ratio or unrealized losses on 'held-to-maturity' securities in excess of capital." "And if more skeletons do emerge from the closet, this is more likely to be the case for banks that have been relatively lightly regulated because they pose less of a risk to the economy," the firm added.
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