Explainer: How did Credit Suisse get to crisis point?
- Date: 18-Mar-2023
- Source: Al Arabiya
- Sector:Financial Services
- Country:Saudi Arabia
Explainer: How did Credit Suisse get to crisis point?
Credit Suisse said on Thursday it would borrow up to $54 billion from the Swiss central bank to shore up liquidity after a slump in its shares and bonds intensified fears about a global banking crisis. Analysts said they think that might not be enough.
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What events led to the recent share slump?
A string of scandals over many years, top management changes, multi-billion dollar losses and an uninspiring strategy can be blamed for the mess that the 167-year-old Swiss lender now finds itself in.
The sell-off in Credit Suisse’s shares began in 2021, triggered by losses associated with the collapse of investment fund Archegos and Greensill Capital.
In January 2022, Antonio Horta-Osorio resigned as chairman for breaching COVID-19 rules, just eight months after he was hired to fix the ailing bank.
In July, new CEO and restructuring expert Ulrich Koerner unveiled a strategic review - but failed to win over investors.
An unsubstantiated rumor on an impending failure of the bank in the autumn sent customers fleeing.
Credit Suisse confirmed last month that clients had pulled 110 billion Swiss francs of funds in the fourth quarter while the bank suffered its biggest
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Los inversionistas reconsideran el riesgo tras la desaparición de los bonos de Credit Suisse. El diario británico Financial Times analiza las consecuencias de la crisis del segundo mayor banco de Suiza en el mercado de deuda. “La decisión del regulador
Former Swiss Finance Minister Ueli Maurer feared cabinet colleagues would leak details of how Credit Suisse bank could be saved as it lurched from one crisis to another. http://s.swissin.fo/DXbdeHc
The sudden collapse of Silicon Valley Bank and Signature Bank and the takeover of Credit Suisse raised fears of a new banking crisis. Join @Reuters top editors on Wednesday, April 19 at 3 p.m. BST / 10 a.m. EDT as they discuss the latest developments https://reut.rs/3mEEvco
Even without any more blow-ups to add to the list, after Silvergate Bank, Silicon Valley Bank and Signature Bank in the US, as well as Credit Suisse in Europe, asset managers are nervous about what it all means for economic growth. https://financierehorizons.advisor.news/banks-crisis-looks-short-but-lessons-must-be-more-enduring/?c=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJub2RlX2lkIjo0MDM4NywicHJldmlldyI6ZmFsc2UsImNvbW1faWQiOjc1MDQ3OTUsImRlc3RfaWQiOjk5ODE0NjEsInJlYWRlcl9pZCI6bnVsbCwicGVyc29uYV9wcmV2aWV3IjpmYWxzZX0._E7cWhMaHJkMDPEEdWpiuhIars6Bb9rGP2Y397VKgRI
Explore the last days of credit suisse, as execs, lawmakers and powerbrokers scrambled to prevent a new financial crisis. Explore the collapse of silicon valley bank set off a maelstrom of panic, blame, good intentions and greed.
Descubra cómo las quiebras de SVB y Credit Suisse han provocado nerviosismo en el sector bancario. ¿Y cuándo comenzará la Fed a reducir las tasas de interés?
http://ow.ly/9MGq50NKXFP
🚨ALERTA🚨
🇪🇺 La CRISIS bancaria 🏦 ahora golpea a #EUROPA 😱
Las acciones del SEGUNDO BANCO más grande 🇪🇺 BNP Paribas, y Credit Suisse HAN CAÍDO 📉esta mañana.
Los mercados bursátiles de toda la UE cayeron un 2-4 % 📉
Los bancos españoles piden a la Comisión Europea que mejore el mecanismo para suministrar efectivo en caso de que las entidades se expongan a una crisis como la de Credit Suisse o Silicon Valley Bank
✍️@InakidelasHeras
https://www.lavanguardia.com/economia/20230417/8902011/bancos-espanoles-piden-bruselas-mas-apoyo-liquidez-eventuales-fugas-capital.html?utm_medium=social&utm_source=twitter&utm_content=economia
La Comisión Europea trabaja en una reforma del mecanismo de gestión de crisis bancarias por los problemas recientes de tres bancos estadounidenses y el suizo Credit Suisse y esto ante el temor a nuevos episodios en los mercados internacionales.
Credit Suisse came out of the global financial crisis in better shape than many peers. But fragility was never far away – in the years that followed its fortunes would swing back and forth, sometimes violently. Here is the bank’s r…https://lnkd.in/d3gXjuUx https://lnkd.in/dMWaBaWh
Maart was een mensis horribilis voor bankaandelen. De koersverliezen liepen op tot tientallen procent. Moet u aan bodemvissen doen? https://www.test-aankoop.be/invest/beleggen/aandelen/analysis/2023/04/banken-sector-fonds-tracker-daling-koers-failliet-beveiliging-credit-suisse-silicon-valley-crisis
La tormenta bancaria ocasionada por la caída de SVB y la crisis de Credit Suisse ha terminado de dar la puntilla al apático mercado español de salidas a Bolsa.
✍️ @pepepebravo
https://www.expansion.com/empresas/2023/04/17/643c4dfc468aeb4b4d8b4606.html?cid=SOCIAL_ORGANICO-MKT-x-EX-x-trafico-14-jul-x&utm_source=twitter&utm_medium=social_organico&utm_campaign=SOCIAL_ORGANICO-MKT-x-EX-x-trafico-14-jul-x
Credit Suisse Chairman ‘Truly Sorry’ for Failure to Stem Crisis https://www.bloomberg.com/news/articles/2023-04-04/credit-suisse-chairman-truly-sorry-for-failure-to-stem-crisis?srnd=premium&leadSource=uverify%20wall
Financial stability risks have quickly risen in recent months. The Silicon Valley Bank, Signature Bank, and Credit Suisse episodes reflect the challenges of tighter monetary conditions & buildup of vulnerabilities since the global financial crisis. https://bit.ly/3GigfDE #GFSR
🗣️After the fall of both Silicon Valley Bank and Credit Suisse, the instinct will be to double down on new rules.
Instead, banks need to learn to stabilise their risks, writes Mary O’Connor. https://www.cityam.com/more-tick-box-regulations-wont-save-us-from-a-financial-crisis/
#Glass Steagall?
2010: Thomas Jordan, Swiss National Bank, on UBS and Credit Suisse: “Those parts of a bank, that are important for the functioning of our national economy, should in a crisis be able to be separated out. The rest, you can sell it or even just liquidate it.“
Descartan el riesgo de que se produzca una crisis bancaria tras Silicon Valley Bank (SVB) o Credit Suisse, pero refuerzan su liquidez a la espera de que el escenario sea más favorable
https://www.elconfidencial.com/mercados/2023-04-16/fondos-inversion-vision-bolsa-exposicion-volatilidad_3610974/?utm_source=Twitter&utm_medium=social&utm_term=ECDiarioManual
“Credit Suisse et al.: a poet’s view on the current banking crisis [since he also studied finance]” by Giuseppe Bartoli
https://link.medium.com/88DXLiwS1yb
From polymath Chris Dillow: much needed
'Clever people gave us the poll tax, the invasion of Iraq, financial crisis, collapses of Silicon Valley and Credit Suisse. So why do they so often get it wrong. There are many reasons. One, .. is arrogance.'
https://stumblingandmumbling.typepad.com/stumbling_and_mumbling/2023/04/when-clever-people-do-stupid-things.html
#NewYork – #CreditSuisse Group has hired #BlackRock to help sell a portfolio of structured bonds for the #Swiss bank, becoming the latest entity to tap the money manager in a time of crisis.
https://rb.gy/se96t
Fears of a new banking crisis brewing as Silicon Valley Bank collapses and Credit Suisse takes over. Governments and regulators move quickly to stem contagion but fight stubborn inflation, labor unrest, and recession fears.
#bankingcrisis #economicchallenges
Credit Suisse hired BlackRock to help sell a portfolio of structured bonds for the Swiss bank, becoming the latest entity to tap the money manager in a time of crisis https://www.bloomberg.com/news/articles/2023-04-13/blackrock-sells-asset-backed-bonds-from-credit-suisse-s-books?utm_source=website&utm_medium=share&utm_campaign=twitter via @markets
Luego de la Crisis Bancaria con Credit Suisse..
El quinto banco más grande de Suiza ha lanzado servicios de trading con #Bitcoin y custodia para sus 2,5 millones de clientes
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The G20 Financial Stability Board praised Swiss authorities’ handling of the financial crisis caused by Credit Suisse https://intlawch.wordpress.com/2023/04/14/the-g20-financial-stability-board-praised-swiss-authorities-handling-of-the-financial-crisis-caused-by-credit-suisse/
The G20 Financial Stability Board praised Swiss authorities’ handling of the financial crisis caused by Credit Suisse https://intlawch.wordpress.com/2023/04/14/the-g20-financial-stability-board-praised-swiss-authorities-handling-of-the-financial-crisis-caused-by-credit-suisse/
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