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The Latest Breaking News on Financial Services

What happened with Credit Suisse, is it connected to Silicon Valley Bank, and what does it mean for Australia?

Global financial markets are on edge after Credit Suisse shed nearly a quarter of its value on the stock market. How did it happen, is it related to Silicon Valley Bank's collapse, and could Australian banks be impacted?

ABC News

First Republic becomes the latest bank to be rescued, this time by its rivals

The lenders including J.P.Morgan and Wells Fargo would deposit $30 billion into the beleaguered midsized lender as part of the rescue.

WEKU

New CEO of failed Silicon Valley Bank was once fired from his Charlotte banking job

The new CEO of failed Silicon Valley Bank is a familiar name to many in Charlotte’s banking community — Tim Mayopoulos was fired as general counsel of Bank of America in 2008 in the midst of the financial crisis and escorted out of the office by an HR representative.

Tribune News Service

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Credit Suisse and SVB banking crises are 'not a repeat of 2008'

The sudden collapse of Silicon Valley Bank and renewed crisis at Credit Suisse are raising fears of another global financial crisis, but most experts agree that we shouldn't worry too much … yet.

ABC News

Swiss authorities only buy Credit Suisse time with £44bn loan

Leisurely turnaround timetable from a crisis 10 years in the making can’t take many more setbacks

The Guardian - UK

Biggest US banks weigh rescuing First Republic as its shares tumble – report

Citigroup, Goldman Sachs, JP Morgan and Wells Fargo are among the banks discussing a lifeline for the San Francisco-based lender

The Guardian - US

2 ETFs You'll Regret Not Adding to Your Portfolio in 2023

Heightened market volatilities on the backs of a robust job report, sticky inflation, and failures in the banking system could persist for quite a while. Against this backdrop, quality ETFs iShares Core S&P 500 ETF (IVV) and Vanguard Dividend Appreciation ETF (VIG) might be wise portfolio additions in 2023. Read…

StockNews.com

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How banking turmoil is changing the economic outlook

A handful of large, troubled U.S. regional banks may well accomplish what the mighty Federal Reserve couldn't on its own.

Axios

Yellen seeks to reassure US legislators after bank collapse

Treasury chief tells lawmakers customers ‘can feel confident that their deposits will be there when they need them’.

Al Jazeera

What happened to Credit Suisse and what’s at stake if it goes bust? REDIRECTED

The Asian and Australian stock markets fell following the panic

The Independent UK

The global banking system is on edge

So goes Silicon Valley, so goes the world.

Axios

Janet Yellen: US banking system is ‘sound’ despite two collapses in a week

Treasury secretary attempts to reassure nervous investors that emergency measure succeeded and bank deposits ‘will be there’

The Guardian - US

Credit Suisse bounces back but investors cautious

ZURICH: Credit Suisse rallied on the stock market Thursday after grabbing a $54 billion central bank lifeline in a bid to restore investor confidence but analysts remain wary about the major lender's future.

Bangkok Post

Triodos Bank reports UK growth despite ‘challenging period’

The Bristol-headquartered financial institution, which specialises in support for sustainable businesses, saw an increase in British customers and profits

Birmingham Post

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The Guardian - UK

ECB raises eurozone interest rate despite banking sector fears

Concerns half-point could set off domino effect across financial industry knocked by Credit Suisse crisis

Radio France Internationale

Global banking concerns shift from US to Europe amid Credit Suisse bailout

Swiss bank Credit Suisse said it would borrow up to 50 billion francs from the Swiss central bank to shore up liquidity and boost investor confidence, as the collapse of two banks in the United States last week raises concerns about the health of global banks in the face of…

Bangkok Post

European stocks rebound as Credit Suisse grabs lifeline

LONDON: European stock markets rebounded slightly on Thursday after troubled banking giant Credit Suisse secured a big financial lifeline and before a crucial interest-rate decision by the European Central Bank.

The Independent UK

Janet Yellen says US banking system ‘remains sound’ and Americans should be ‘confident’

Treasury Secretary appears before the Senate Finance Committee a week after the second-largest bank collapse in the nation’s history

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WEKU

Credit Suisse shares soar after the bank secures a $54 billion lifeline

Shares of the Swiss banking giant rallied significantly Thursday after Switzerland's central bank agreed to lend it $54 billion.

Evening Standard

Shares rally after huge bank bailout of Credit Suisse

Experts warn the next day is critical for the banking crisis

The Independent UK

Yellen to tell Congress US banking system 'remains sound'

Treasury Secretary Janet Yellen says the U.S. banking system remains sound

The Guardian - UK

ECB faces dilemma over interest rate rise amid Credit Suisse crisis

European Central Bank could opt for a smaller increase as concerns spread over health of banking system

The Independent UK

Bank turmoil casts shadow over Europe interest rate decision

Concerns about the world's banks are casting a shadow over the European Central Bank's meeting

The Guardian - US

US banks are sacrificing poor communities to the climate crisis

It took decades to force banks to abandon racist redlining. We don’t have decades to avert catastrophic climate crisis

Bangkok Post

SET chief allays fear about Credit Suisse

The president of the Stock Exchange of Thailand (SET) has rushed to calm investors’ concerns regarding the troubles of Credit Suisse and global anxiety about banks in general.

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