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The Latest Breaking News on Financial Services

Credit Suisse says it will borrow up to $53.7bn from central bank

ZURICH: Credit Suisse announced Thursday that it would borrow almost US$54 billion from the Swiss central bank to reinforce the group after a plunge in its share prices.

Bangkok Post

Credit Suisse takes $54bn loan from Swiss central bank after share price plunge

After largest shareholder was unable to provide backing, Europe’s 17th largest lender says it will use government help to become ‘simpler and more focused’

The Guardian - AU

Banking fears spread to Europe, dragging down shares of big lenders

On the heels of bank failures in the U.S., shares of European bank Credit Suisse fall, prompting concerns about the health of the global banking system.

Chicago Sun-Times

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FACT FOCUS: Claims link ‘woke’ policies to bank’s demise

Some social media users are honing in on a single culprit that led to the demise of Silicon Valley Bank: its socially aware, or “woke,” agenda

The Independent UK

Senior Democrats hand back Silicon Valley Bank donations following bank’s collapse

Federal regulators seeking to sell bank

The Independent UK

Is SVB the canary in the coal mine?

Should the rest of the world be worried about the collapse of Silicon Valley Bank last week? SVB was the 16th largest bank in the United States, with about $210 billion (7.3 trillion baht) in assets and a market valuation of $44 billion at its peak.

Bangkok Post

Mutual and pension funds tamp down concerns

The Association of Investment Management Companies (AIMC) and the Government Pension Fund (GPF) yesterday issued a statement announcing they have no direct investment in the assets of the collapsed Silicon Valley Bank (SVB).

Bangkok Post

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Ttb eyes transition to cashless branches

TMBThanachart Bank (ttb) plans to transition some of its traditional branches to paperless and cashless outlets in an effort to increase its digital banking user base by 30% this year.

Bangkok Post

Arkhom pledges stability after poll

The government is ready to take action, even in a caretaker position before the next administration takes power, should global volatility affect the country's economy or financial system, Finance Minister Arkhom Termpittayapaisith told reporters.

Bangkok Post

US bank stocks sink as Credit Suisse fear spurs renewed rout

Stocks of major U.S. lenders sank with a sector gauge hitting the lowest level since November 2020 on Wednesday, following European banks down after Credit Suisse Group AG plunged.

Tribune News Service

FTSE 100 hit by worst day since Covid as Credit Suisse raises fears of fresh banking crisis

‘If the bank fails, this could have major implications for other European banks’

The Independent UK

Warren bill: Repeal "Trump's bank law"

Notably absent from the list of co-sponsors were Dems who helped Republicans usher the bill through Congress

Salon

Credit Suisse to borrow up to $54bn amid banking crisis fears

Announcement comes after Zurich-based bank’s shares lost more than one-quarter of their value in a day.

Al Jazeera

Alan Kohler: The Fed broke something, so the rate hikes are finished

US rate hikes only ever have a gradual impact on households, while in Australia the effect on the household sector is dramatic and immediate.

The New Daily

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Salon

Manchin now sees bank vote "differently"

"You look at it differently now. You’d never thought this would have happened in the smaller banks," Manchin said

The Guardian - UK

Credit Suisse has shot itself in the foot – and wounded the global banking system

The Swiss lender is deemed ‘systemically important’ so the jittery markets are studying the bank carefully – very carefully

Tribune News Service

Fed gets more room to pause rate hikes after drops in producer prices, retail sales

U.S. producer prices and retail sales both declined in February, giving Federal Reserve officials more room to potentially pause interest-rate hikes as they weigh the impact of a banking crisis against inflation risks.

Salon

Dem: Bank lobbyits bought Sinema's vote

"I said no. When they asked Sen. Sinema, she asked how much—and voted yes," says Rep. Ruben Gallego

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The Guardian - UK

Credit Suisse: what is happening at Swiss bank and should we be worried?

Plunge in bank’s share price adds to fears over weaknesses in banking sector following collapse of SVB

The Independent UK

Alex Murdaugh’s accomplice in financial crimes seeks new trial based on killer’s testimony in murder case

During his murder trial, Alex Murdaugh testified that Russell Laffitte was not involved in his multi-million-dollar fraud schemes

Chicago Sun-Times

Is my money safe in the wake of two big bank failures? A consumer guide to what you need to know.

Is there any reason to be worried about bank failures after the government-ordered closings of Silicon Valley Bank and Signature Bank? And what can you do to protect yourself?

The Independent UK

Bank runs used to be slow. The digital era sped them up

What made the failure of Silicon Valley Bank unique compared to past failures of large banks was how quickly it collapsed

The Guardian - UK

SVB collapse may be start of ‘slow-rolling crisis’, warns BlackRock boss

Larry Fink tells investors more ‘shutdowns and seizures’ in US possible and predicts inflation and interest rates to rise

Tribune News Service

Shuli Ren: The Fed’s easy fix to avert another bank crisis

The Federal Reserve's plan to expand oversight of lenders after the collapse of SVB Financial Group and Signature Bank is a move in the right direction. While it will likely be a laborious process, there is also an easy fix.

Tribune News Service

Allison Schrager: Don't make the same mistake as SVB with your 401(k)

The poor risk management at Silicon Valley Bank is stunning. But what went wrong is actually pretty common. There is often confusion about what makes a safe asset versus a risky one, and guessing wrong is often at the core of financial blow-ups. Safe assets, as we properly define them,…

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