Emergency takeover of Swiss giant sparks more turmoil, with fears growing that deal is an 'enormous risk' - as First Republic Bank continues to struggle in America
Emergency takeover of Swiss giant sparks more turmoil, with fears growing that deal is an ‘enormous risk’ – as First Republic Bank continues to struggle in AmericaMarch 20, 2023 9:39 pm
Fears of a global banking crisis failed to recede last night despite the Swiss-government-backed takeover of Credit Suisse by rival UBS., designed to stave off the collapse of Credit Suisse creating a “so-called “Lehmann moment” and sparking a wider global bank shock, has continued to cause market turmoil around the world.
The deal, initially praised for lessening the dangers of a systemic banking failure, led to Asian and European stock markets and bank shares suffering additional losses after it became clear that some of the solutions Swiss regulators opted for could create further problems.continued to fall despite an injection of $30bn last week from major US banks, in a move that had been designed to reassure people the wider US banking system is safe for deposits.
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