and the ensuing fallout impacting financial institutions in the United States and Europe this week is adding to the sense of a looming economic “precipice,” experts say.
Major U.S. banks had to swoop in with a US$30 billion lifeline for smaller lender First Republic, while all banks in the country sought a record US$153 billion in combined emergency liquidity from the Federal Reserve in recent days. Both the Credit Suisse and First Republic interventions did little to help, with both stocks continuing to tumble into the weekend.Lisa Raitt, a former Conservative MP and transport minister who now serves as vice-chair of global investment banking at CIBC, told Stephenson Canada’s banking system is more diversified in its holdings than SVB and other smaller banks, which should give Canadians confidence their deposits are secure.
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