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Banking turmoil: what happened and what’s next?
A look at the demise of SVB, Signature Bank and Credit Suisse and what this may mean for regulation.
April 19, 2023
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A look at the demise of SVB, Signature Bank and Credit Suisse and what this may mean for regulation.
t looks as though Credit Suisse is likely to be the next casualty in the banking crisis triggered by the collapse of California-headquartered Silicon Valley Bank earlier this week.
Last week, California-headquartered bank SVB (Silicon Valley Bank) announced a US$1.8bn loss due to asset sales in order to meet withdrawal requests. Trading of SVB stock was halted on the morning of Friday 10th March when stocks plummeted by 68%. By Monday, its US business had completely collapsed, in the largest banking failure since the financial crisis of 2008.
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