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2023-03-16 Economy
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Credit Suisse stock plunges 25% amid fears of global banking contagion
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 [NYPOST] Shares of Credit Suisse plunged to all-time lows on Wednesday after its top shareholder said he would not plow more cash into the struggling Swiss banking giant — sparking fears that a global banking contagion is spreading.
Credit Suisse reportedly has asked the Swiss National Bank for a “public show of support” as its shaky balance sheet — crippled by withdrawals from skittish customers in recent months — has sparked speculation that a government rescue is coming.
The beleaguered bank has also turned to Swiss regulator Finma, but neither institution has yet decided to intervene publicly — with some sources citing fears of sparking a panic, according to the Financial Times, which cited unnamed sources close to the situation.
Credit Suisse Chairman Axel Lehmann told CNBC on Wednesday that the bank was working to emphasize “de-risking” its balance sheet. Asked if the bank would accept government assistance, Lehmann replied: “That’s not the topic.”
“We are regulated, we have strong capital ratios, very strong balance sheet,” he told CNBC. “We are all hands on deck. So that’s not the topic whatsoever.”
Earlier, financial commentator and bestselling author of Rich Dad Poor Dad, Robert Kiyosaki, said that the next bank to fail after the bankruptcy of the American Silicon Valley Bank (SVB) will be one of the largest Swiss banks Credit Suisse. He had previously accurately predicted the collapse of US banking giant Lehman Brothers in 2008. Credit Suisse Group's main shareholder, Saudi National Bank, later ruled out bailing out the Swiss bank, citing regulatory concerns.
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Posted by Fred 2023-03-16 00:00||
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Posted by Super Hose 2023-03-16 11:53||
2023-03-16 11:53||
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Posted by swksvolFF 2023-03-16 13:50||
2023-03-16 13:50||
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