NEW YORK, March 18 — Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a...
NEW YORK, March 18 — Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a deal with Swiss rival UBS AG.
After wild swings in the bank’s share price this week, Credit Suisse had lost a quarter of its market value by last night. Efforts to shore up Credit Suisse come as policymakers including the European Central Bank and US President Joe Biden sought to reassure investors and depositors the global banking system is safe. But fears of broader troubles in the sector persist.
In Washington, focus turned to greater oversight to ensure that banks — and their executives — are held accountable. US regional bank shares fell sharply on Friday and the S&P Banks index posted its worst two-week calendar loss since the pandemic shook markets in March 2020, slumping 21.5 per cent.
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