It’s another urgent attempt to fight fears that have put the financial world on edge 15 years after the failure of U.S. investment bank Lehman Brothers pitched the global economy into a crisis.
Here are key things to know — and some things that aren’t yet known — about the takeover and the wider market anxiety fueled by bank failures in the U.S.
WHY IS UBS TAKING OVER CREDIT SUISSE?
Swiss authorities pushed UBS to take over its rival after the price of Credit Suisse shares plunged and depositors fled, raising fears that it could fail.
Credit Suisse isn’t just any bank. Unlike midsize Silicon Valley Bank, which went under earlier this month in the U.S., it is one of 30 banks classified as globally significant because it could pose a risk of bigger trouble if it collapses, as happened with Lehman.
Credit Suisse’s troubles pre-dated Silicon Valley’s failure, including a $5.5 billion loss on its dealings with private investment firm Archegos and a spying scandal.
Then fears about banks fed by the U.S. failures made investors take a closer, less friendly look at banks. When Credit Suisse’s biggest investor, Saudi National Bank, refused to put up more money, investors and depositors headed for the exits.
WILL THE TAKEOVER RESTORE CONFIDENCE IN THE GLOBAL FINANCIAL SYSTEM?
Confidence in banks is shaky right now. That said, economists, bank regulators and stockmarket analysts generally say that banks are in better shape than in 2008, with thicker financial buffers against losses and a slew of new regulations.
هذه القصة مأخوذة من طبعة March 24, 2023 من AppleMagazine.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة March 24, 2023 من AppleMagazine.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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