The global banking turmoil explained; what's happening at SVB, Credit Suisse4 min read . Updated: 18 Mar 2023, 02:47 PM IST
- Here are the top developments in the global banking sector in the past week.
It all started on 10 March, 2023 after Startup-focused lender SVB Financial Group became the largest bank failure since the financial crisis, in a sudden collapse that roiled global markets and stranded billions of dollars belonging to companies and investors. SVB's chief Greg Becker in a video message told the employees, "he is working with banking regulators to find a partner for the bank." At present, the Federal Deposit Insurance Corporation (FDIC) has taken control of the lender. Amid the collapse of Silicon Valley Bank and its impact on the stock market over the week, Switzerland is facing pressure from at least one major government to intervene on Credit Suisse, citing the systemic nature of the bank.
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