Why the Bank of England and Fed could welcome Credit Suisse and Silicon Valley Bank failures March 28, 2023 There’s been reams and reams of wild predictions about whether we’re slipping into another financial crisis, triggered by the collapse of US tech lender Silicon Valley Bank (SVB) and Credit Suisse’s arranged marriage with its crosstown rival UBS. Blackrock chief Larry Fink even warned in his annual letter to shareholders we’re slipping into a slow [...]
Saudi National Bank chair resigns after bank loses $1.2bn in Credit Suisse investment March 27, 2023 Chair of Saudi National Bank (SNB) Ammar Al Khudairy stepped down today after the bank chalked up a $1.2bn loss on its investment in Credit Suisse. SNB said in a statement that Al Khudairy had resigned for “personal reasons” and the current chief executive, Saeed Mohammed Al Ghamdi, will takeover as chair of the lender. [...]
European banks slide as concerns remain over health of financial sector following US bank sell-off March 23, 2023 European banking stocks slid again on Thursday, following a sell-off in the US on Wednesday, as investors remain nervous about the health of the financial sector. European banks were mostly in the red around midday: French banks Socgen and BNP Paribas fell 1.6 per cent, Deutsche Bank slipped 1.5 per cent while Commerzbank fell 3.1 [...]
UBS set to benefit from Credit Suisse deal as dust settles on dramatic acquisition March 22, 2023 Analysts were increasingly convinced that UBS’ acquisition of Credit Suisse had the potential to create long-term value for the newly merged entity. Bank of America’s Alastair Ryan said: “The industrial logic is impeccable: Credit Suisse was the closest competitor to UBS in wealth management and Switzerland; and both banks are heavy in Swiss central costs. [...]
Who’s going loco over Credit Suisse’s cocos? Here are the losers of the AT1 bond write-off March 22, 2023 Bond markets were sent into a spin across Europe this week after the move from Swiss regulator Finma to wipe out $17bn of Credit Suisse’s AT1, or coco, bonds, as part of a rescue deal from its rival UBS.
FTSE 100 close: Credit Suisse turmoil eases as Barclays and NatWest claw back losses March 21, 2023 London’s FTSE 100 today shook off market turmoil sparked by UBS saving Credit Suisse, with the UK’s largest lenders, such as Barclays and NatWest, soaring to the top of the index. The capital’s premier index surged nearly two per cent to 7,536.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
Europe’s banks post strong gains as Janet Yellen is set to signal further support for US banks March 21, 2023 European Bank stocks continued to recover today as US Treasury Secretary Janet Yellen is set to signal further support for regional US lenders. Europe’s largest banks were all firmly in the green around midday. BNP Paribas rose 3.9 per cent, Deutsche Bank was up 5.2 per cent, while UniCredit and Santander climbed 6.3 per cent [...]
Credit Suisse and Silicon Valley Bank chaos are symptoms of fragile banking system March 21, 2023 City folk around in 2007 must have been getting very twitchy over the last week. Some of the market moves were reminiscent of the early stages of the financial crisis once people clocked on to just how bad banks had messed up. Credit Suisse tumbled more than 30 per cent at one point. Its peers [...]
FTSE 100 closes up as investors hope Credit Suisse deal will contain banking crisis March 20, 2023 Markets managed to shrug off turmoil in the banking sector to finish the day higher despite huge turmoil in the financial sector. The FTSE 100 closed 0.93 per cent higher at 7,403.85 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.13 per cent [...]
Credit Suisse set to pay bonuses and boost salaries despite UBS takeover March 20, 2023 Credit Suisse is reportedly set to pay out bonuses and go ahead with planned salary increases for its staff despite the dramatic acquisition of the bank by UBS over the weekend. In an internal email sent to members of staff and seen by the Financial Times, the beleaguered lender said it “will continue to allocate [...]