There have been further developments in the international banking crisis.
And the crisis has two fronts: in the United States and in Europe.
Overnight in the US, the New York Times reported that First Republic Bank was looking to raise cash by selling part of its equity, or shares in the bank.
This is almost a daily event in normal times, but it comes off the back of a grand plan involving 11 Wall Street banks agreeing to inject roughly $US30 billion ($44 billion) of liquidity or cash into the bank due to fears it too was facing a bank run.
And over in Europe, Reuters reported several banks were looking to "gross settle" future transactions with Credit Suisse.
It coincided with the price of the bank's credit default swaps soaring to a record high.
The developments add to fears the financial community has lost confidence in Switzerland's second largest bank to make good on its borrowings from other financiers.
It also seems it's become a takeover target, with the Financial Times reporting investment giant UBS is in talks to buy or acquire the bank.
Analysts say the worldwide banking system is facing a crisis of confidence.
Odeon Capital Group Dick Bove told CNBC "Americans have lost respect for the US Banking system".
US regulators and the Federal Reserve have done their best to restore confidence in the financial system by insuring all depositors.
However, Treasury Secretary Janet Yellen let slip in a congressional hearing on Thursday that US community bank customers with more than $US250,000 in deposits were not necessarily protected.
This has sparked fears that those depositors will shift their savings to the major US banks — raising doubts over the viability of thousands of US regional banks.
Dick Bove makes the point that there's $US19 trillion worth of deposits in the US and it's practically impossible for regulators to backstop all of these.
It makes the coming days an uncertain period of time for the international banking sector.
"With the exceptional rise in interest rates something was bound to break," bond trader Angus Coote told the ABC.
"It was just a matter of time once the bulk of these rate rises were passed on.
"Silicon Valley Bank was bad mismanagement, as is Credit Suisse, but that's beside the point now as return OF capital is becoming more important than return ON capital and the ripple effects will linger for a reasonable period."
This has echoes of the global financial crisis where international financial institutions began to doubt if their counterparties would make good on their borrowing.
In other words, bankers worried about lending to one another in fear they wouldn't get their money back.
"Time will tell if central banks can contain the damage but what seems obvious is that we are looking at the end of the business cycle where the most inefficient companies die or are bought by more efficient ones," Mr Coote said.
Professional investor Danielle Ecuyer said the week ahead would be critical in terms of restoring confidence in the global financial system, if indeed that can be done.
"The next trading week will be crucial for central banks particularly in the US, Switzerland and Europe to restore confidence in the banks," Ms Ecuyer said.
"Most likely there will be more capital injections, mergers and consolidations, with bigger banks to become even larger, as the weaker institutions stumble."
