, Credit Suisse repeatedly put its name and franchise behind clients whom it ought to have turned away. Lawsuits and massive regulatory fines piled up. Profits evaporated. In the end, even the billionaires started to leave; you can be publicly shamed only so many times before it tarnishes the brand.from the Swiss National Bank in the middle of the night. That doesn’t communicate a strong business.
In the history of high-profile bank failures, it’s quite common to find that “the clients ran the bank.” Banks with this issue enjoy long periods of looking great, because they are close to extremely successful people and develop really good ways of serving them. Then eventually, along comes the precise set of circumstances under which the great client becomes a risk, and the risk can’t be managed because the bank’s management hasn’t got the judgment or character to separate the client’s interests from its own. The collapsed Anglo Irish Bank was addicted to property developers. Iceland’s failed Kaupthing was too attached to the nation’s wannabe financiers. They all rose and fell with the client base that had made them rich.
This is why banking is a regulated industry. A profitable bank will rarely say no to a customer with whom it has a strong relationship. That’s why you need a stern-faced civil servant, on a fixed salary rather than a bonus, to remind everyone of the risks. The customer is not always right.
Addiction to Woke more like...
If they're dependent on 'climate tech' companies that will never turn a profit without government handouts they are doomed to fail (because we are never controlling the temperature of the planet....it's as big a scam as '15 days to slow the spread').
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Credit Suisse chairman says Silicon Valley Bank crisis looks 'local and contained'On Friday, SVB was taken over by regulators after massive withdrawals a day earlier effectively created a bank run. Subprime is contained at only 5% Yea he would do 🤡 but. in the meantime... Credit Suisse plunges to fresh All-Time low as Saudi National Bank rules out assistance. It's now down 96.7% below its ATH.
Source: CNBC - 🏆 12. / 72 Read more »
Credit Suisse, Citi and more bank stocks tumble amid Silicon Valley Bank turmoilBank stocks in the U.S. and Europe are tumbling as the global financial system continues to reckon with the Silicon Valley Bank collapse—the largest bank failure since 2008. Chaos and fear have set in It used to be that keeping money in a bank was not a risk but under Biden that has all changed. Don't forgot CreditSuisse which is happening right now.
Source: ABC - 🏆 471. / 51 Read more »
Credit Suisse chaos, Silicon Valley Bank collapse: What you need to knowGlobal stocks fell sharply on Wednesday, with embattled Credit Suisse tumbling to a new low, on renewed investor concerns about stresses within the sector triggered by Silicon Valley Bank's sudden collapse. With Trump zero bank runs and failures
Source: Reuters - 🏆 2. / 97 Read more »
Credit Suisse sets more 2030 targets for emissions tied to loansCredit Suisse on Tuesday announced targets for cutting emissions tied to loans it makes to six sectors as well as restrictions on lending to the dirtiest fossil fuel projects, although climate activists said the announcements fell short of what was needed. And this is one reason why they are most likely to be the next bank to go down. Spoiler alert: if enough banks go down they won’t be able to “backstop” them all. Better be care where you have your money.
Source: ReutersScience - 🏆 559. / 51 Read more »
Credit Suisse shares hit record lowCredit Suisse saw its stock sink to a record-low price level Tuesday in the morning, with shares for the bank subsequently being priced around $2.50 by afternoon. Coming soon, round two I hope someone sees this. Does Fox Business realize their two new shows are always off? The voice is way ahead of the video. I think it's sabotage! Please look into this. It could be just my cable or something. Spectrum Cable in South Carolina.
Source: FoxBusiness - 🏆 458. / 53 Read more »