By Nicole Goodkind and Krystal Hur, CNN
Global banks just suffered their worst week since 2008. So what comes next?
The fallout from this month’s banking turmoil — the surprising bank runs and collapses of Silicon Valley Bank and Signature Bank — has been widespread. In its wake, the global banking system has been shaken.
Credit Suisse and First Republic: Two more banks wobbled but remained upright through the week. Beleaguered megabank Credit Suisse announced last week that it will take up to $53.7 billion in support offered by the Swiss central bank to stay afloat. Meanwhile, First Republic bank received a $30 billion lifeline on Thursday from some of the largest banks in the United States.
Still, those lifelines might not be enough to keep them afloat. US-traded shares of Credit Suisse were down nearly 7% and First Republic shares plunged by about 33% on Friday. JPMorgan analysts wrote this week that a UBS takeover of Credit Suisse seems likely.
US commercial banks’ profits have…
Read Full Story: https://news.google.com/rss/articles/CBMiT2h0dHBzOi8vd3d3LmVyaWVuZXdzbm93LmNvbS9zdG9yeS80ODU3MjE3Ni9iYW5rcy1oYWQtYS1tZWx0ZG93bi13aGF0LWNvbWVzLW5leHTSAQA?oc=5