Credit Suisse faces a pivotal weekend. Here’s what could be next for the Swiss bank
Already this week, big U.S. banks had to swoop in with a $30 billion lifeline for smaller lender First Republic, while U.S. banks altogether sought a record $153 billion in emergency liquidity from the Federal Reserve in recent days.That surpassed a previous high set during the most acute phase of the financial crisis some 15 years ago.
In Washington, focus turned to greater oversight to ensure that banks – and their executives – are held accountable.Biden — who earlier this week promised Americans that their deposits are safe — on Friday called on Congress to give regulators greater power over the banking sector, including leveraging higher fines, clawing back funds and barring officials from failed banks, a White House statement said.
With investor confidence far from restored, analysts, investors and bankers think the loan facility from the Swiss central bank only bought it time to work out what to do next. The move made it the first major global bank to take up an emergency lifeline since the 2008 financial crisis.U.S. regional bank shares were also sharply lower, as the KBW Regional Bank index slumped 5.6 per cent, with PacWest tumbling about 15 per cent and First Republic down more than 30 per cent.
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