an emergency funding lifelineThe boards of Switzerland’s two biggest lenders are set to meet separately over the weekend to discuss a deal, the FT said, citing multiple people briefed on the talks.A source with knowledge of the matter said that Swiss regulators are encouraging UBS and Credit Suisse to merge, but that. The regulators do not have the power to force the merger, the person said.
“Credit Suisse is a very special case,” said Frédérique Carrier, head of investment strategy at RBC Wealth Management. “The Swiss central bank stepping in was a necessary step to calm the flames, but it might not be sufficient to restore confidence in Credit Suisse, so there’s talk about more measures.”
Biden - who earlier this week promised Americans that their deposits are safe - on Friday called on Congress, clawing back funds and barring officials from failed banks, a White House statement said. “It appears that maybe the damage has been done to the brand reputation of First Republic. is a shame because it was a high quality, well run bank,” said John Petrides, portfolio manager at Tocqueville Asset Management.SVB Financial Group said it had filed for a court-supervised reorganisationRegulators have asked banks interested in buying SVB and Signature Bank to submit bids by Friday, people familiar with the matter have said.
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