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Credit Suisse is now at the brink of collapse. Here’s everything you need to know.
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โฌ๏ธ Timestamps:
0:00 โ What’s happening to Credit Suisse?
3:12 โ What triggered their collapse?
4:31 โ Repeat of 2008 Lehman Brothers crisis?
Credit Suisse’s share price plunged more than 30% at one point on last Wednesday to a record low of about 1.56 Swiss francs (ยฃ1.40) a share, after its top shareholder, the Saudi National Bank (SNB), ruled out providing it with fresh funding because of regulations that cap its stake โ now 9.9% โ at 10%.
That compounded panic about potential weaknesses across a global banking sector still reeling from SVBโs collapse as well as fears over continuing problems at the Swiss lender, which as Europeโs 17th largest lender by assets is far larger than SVB and deemed systemically important to the global financial system.
Panic over Credit Suisse comes after the collapse of crypto lender Silvergate last Thursday, SVB on Friday and New York-based Signature on Sunday. However, Credit Suisseโs problems are also relatively unique and not new, with a string of major financial losses and scandals that have worried investors and fuelled a recent client exodus.
In the worst case scenario, systemically important banks are meant to have enough capital, and so-called โliving willsโ in place, to ensure they can fail in a relatively orderly way. However, these living wills have yet to be tested by a real-life banking failure.
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