Turmoil mars u.s. mint12/25/2023 ![]() ![]() ![]() In a sign of its vulnerability, at least four of Credit Suisse's major rivals, including Societe Generale SA and Deutsche Bank AG, have put restrictions on their trades involving the Swiss bank or its securities, five people with direct knowledge of the matter told Reuters. "Banks in permanent stress" read the front page headline of the Neue Zuercher Zeitung newspaper on Saturday morning.Ĭredit Suisse ranks among the world's largest wealth managers and is considered one of 30 global systemically important banks whose failure would cause ripples throughout the entire financial system. The mood in Switzerland, long considered an icon for banking stability, was pensive as executives wrestled with the future of the country's biggest lenders. The bank's share price swung wildly this week, during which it was forced to tap $54 billion in central bank funding, and Credit Suisse had lost a quarter of its market value by Friday night. UBS and Switzerland's FINMA regulator declined to comment when approached by Reuters.Ĭredit Suisse Chief Financial Officer Dixit Joshi and his teams were meeting over the weekend to assess their options for the bank, people with knowledge of the matter said. ![]()
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