Credit Suisse chair says SVB crisis looks contained, rejects talk of government assistance
Publishing timestamp: 2023-03-15 12:44:01
Summary
Credit Suisse Chairman Axel Lehmann stated that the contagion effect from the recent collapse of Silicon Valley Bank is local and contained, but still serves as a warning signal for the overall market climate. He also declined to comment on whether his firm would need government assistance. The embattled banks were not subjected to strict enforcements that govern bigger banks in the US and other parts of the world. Credit Suisse itself fell over 24% due to heavy selling, and its largest investor, Saudi National Bank, said it could not provide further financial assistance due to regulatory issues. However, SNB is happy with Credit Suisse's transformation plan and suggested the bank was unlikely to need extra money.
Sentiment: MIXED
Keywords: business news, united states, banks, credit suisse group ag, silvergate capital corp, world economy, markets,