Investors on Tuesday took some heart from the rescue of troubled lender Credit Suisse by its Swiss rival UBS, though concerns lingered about the risk of shockwaves further damaging credit markets and smaller U.S. banks.
"The current situation in U.S. regional banks and Credit Suisse has raised concerns about contagion risk," said Grace Tam, chief investment advisor Hong Kong at BNP Paribas Wealth Management."This time, major central banks have been reacting very swiftly to backstop liquidity. U.S. officials are also studying ways to temporarily guarantee all bank deposits if the banking crisis expands.
JPMorgan Chase & Co CEO Jamie Dimon is leading talks with other big banks on new efforts to stabilise First Republic with a possible investment into the lender, the Wall Street Journal reported, citing people familiar with the matter. Still, top central banks promised at the weekend to provide dollar liquidity to stabilise the financial system to prevent the banking jitters from snowballing into a bigger crisis.
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Bank of England welcomes Credit Suisse deal, says UK banks are safeThe Bank of England has confirmed the UK banking system remains safe, sound and well capitalised. Read more at straitstimes.com.
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Central banks try to calm markets after UBS deal to buy Credit SuisseZURICH — Some of the world's largest central banks came together on Sunday (March 19) to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group on Sunday to buy rival Credit Suisse Group in a historic deal.
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UBS seals Credit Suisse takeover in bid to calm markets:UBS sealed a deal to buy rival Swiss bank Credit Suisse to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. Swiss regulators have been forced to step in and orchestrate a deal to prevent a crisis of confidence in Credit Suisse spilling over into the broader financi In business world n life, anything can happen - yr competitor / rival, who may not hv bn under yr radar, may swallow u up overnight. Cherish your days while they last. Great.
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UBS to take over Credit Suisse to stem global crisis of confidenceBERN :UBS will take over Credit Suisse, Swiss authorities said on Sunday, in a deal to combine Switzerland's top two banks designed to contain a widening crisis of confidence in global finance.The deal includes 100 billion Swiss francs in liquidity assistance for UBS and Credit Suisse.Credit Suisse, a
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UBS seals Credit Suisse takeover in bid to calm market nerves:UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday.The Swiss central bank will supply substantial liquidity to the merged bank, it said at a news conference in the Swiss capital, Bern. It said the de
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