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The Latest Breaking News from Credit Suisse

Credit Suisse deal halted crisis, Swiss national bank says

The Swiss central bank has hiked its key interest rate and insisted that a government-orchestrated takeover of troubled Credit Suisse by rival bank UBS ended the financial turmoil

The Independent UK

After Fed, European central banks hike their rates

London (AFP) - Switzerland and Norway hiked interest rates Thursday to tackle inflation despite banking-sector turmoil, with the UK's central bank next in line after the US Federal Reserve also lifted borrowing costs.

AFP

Credit Suisse collapse leaves sports sponsorships in limbo

Geneva (AFP) - The takeover of Swiss bank Credit Suisse leaves many sports stars, teams and tournaments with a big question mark hanging over their lucrative sponsorship deals.

AFP

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As the global market wobbles, tech bros warm to government intervention

Libertarian tech industrialists abhor government fingers poking in their affairs — until the economy they rely on begins to topple.

Crikey

World faces prospect of financial tumult

Today, I was supposed to present the third article, Managing Household Debt, in the series "Changing Thailand". In fact, I have finished drafting a payment reduction model which could reduce monthly debt payments by 4.6 times without the hair-cutting debt principal or requiring government financial support. But I will delay…

Bangkok Post

Alan Kohler: Banking is a paradox at the heart of capitalism

Banking is the confidence trick at the heart of capitalism, but preserving the trick has meant that banks have become arms of the state.

The New Daily

US Federal Reserve raises interest rates a quarter-point amid banking turmoil

Fed announces rise to a range of 4.75% to 5% – its ninth consecutive rate rise and the highest rate since 2007

The Guardian - US

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When banks go bust: the four factors at play - trust, confidence, contagion and systemic risk

Banks are in the news again. Two bank failures in the US, and the forced takeover of Credit Suisse by UBS in Switzerland, have triggered the worst turmoil in the banking sector since the 2008 financial crisis. There’s talk of a lack of trust, of a collapse in confidence, of…

The Conversation

Credit Suisse customers feel mix of anger, relief after sale

Credit Suisse's customers are feeling a range of emotions after the government orchestrated a takeover of the country’s second-largest bank by rival UBS

The Independent UK

Fed Preview: Markets Focused On Bank Risk, But 'Dot Plot' May Prove More Important

Jerome Powell faces the toughest choice of his Fed career later today as he seeks to thread the needle between fighting inflation and easing the current bank crisis.

The Street

Shareholders won in UBS's Credit Suisse takeover -but this investment manager lost $340m

PIMCO's exposure now runs into the billions, a source familiar with the matter said.

Fortune

The long, strange history between Credit Suisse and UBS

The two banks have a long history of not getting along.

Fortune

What is systemic risk and how does it lead to a banking crisis?

The recent collapse of Silicon Valley Bank (SVB), a regional US bank that funded start-up companies in the technology and innovation sector, has created a worldwide wave of financial instability.

The Conversation

ECB's Lagarde: Future rate hikes open amid banking turmoil

European Central Bank head Christine Lagarde says future interest rate decisions are open after upheaval in the global banking system has left the economic outlook more uncertain

The Independent UK

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The Guardian - UK

Switzerland’s national pride dealt heavy blow by the merger of its banking titans

‘A monster is born’, say local press, as Credit Suisse takeover by UBS creates bank twice the size of the Swiss economy

Fortune

Swiss order Credit Suisse to suspend paying some bonuses

Credit Suisse had earlier written in an internal memo that it would pay outstanding bonuses as it tries to stick to "business as usual."

The Conversation

Credit Suisse is an anomaly: why Australia and New Zealand are safe from 'bank run' contagion

There has been a lot of talk about the risk of financial contagion following the collapse of California’s Silicon Valley Bank. Perhaps too much talk.

AFP

Swiss sweat over size of new superbank

Zurich (AFP) - The arranged marriage of UBS and Credit Suisse will create the biggest bank Switzerland has ever seen, with some wondering if the superbank might be too big for its own good.

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Bangkok Post

Yellen says banking stabilising, US may intervene more if needed

WASHINGTON - The United States banking sector is "stabilizing" after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry, Treasury Secretary Janet Yellen told a lenders' conference Tuesday, as leaders seek to calm global worries.

The Independent UK

Swiss suspends bonus payouts to Credit Suisse staffers

Switzerland’s government says it’s ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS

ABC News

The SVB collapse 'contagion effect' will make it harder for startups, and more banks may fall

The SVB collapse didn't just leave the banking sector in disarray; technology startups are bracing for a harder time, and there are fears the global economy is at risk of recession.

AFP

Yellen says banking stabilizing, US may intervene more if needed

Washington (AFP) - The US banking sector is "stabilizing" after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry, Treasury Secretary Janet Yellen told a lenders' conference Tuesday, as leaders seek to calm global worries.

Newsroom.co.nz

Credit Suisse rescue package shows why our banks shouldn't pay big dividends

This is why bank shareholders shouldn't expect such big returns – their risk is lower. In what other industry, asks Jonathan Milne, would they be rescued by regulators?

AFP

Swiss brace for major job losses after Credit Suisse buyout

Geneva (AFP) - Tens of thousands of jobs could disappear in Switzerland following UBS's emergency takeover of its troubled rival Credit Suisse, observers warned Tuesday, as unions demanded a rescue package for banking staff.

The Guardian - UK

Thousands of UK jobs at risk after UBS takeover of Credit Suisse

Investment banking roles expected to be worst hit at Credit Suisse in London

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