Credit Suisse Collapse- Why are Banks Collapsing?
From Current Affairs Notes for UPSC » Editorials & In-depths » This topic
Recently, the Swiss government and regulators brokered a distress sale of the country’s 2nd largest bank, Credit Suisse, to the UBS. This overnight development is yet another indicator of the turmoil among banks across the world.
Background:
- Credit Suisse is the 2nd largest bank in Switzerland. It is also one of the most influential banks in world history.
- It is a 167 year old bank, with .62 trillion in assets under management by 2021-end.
- Since the start of 2022, the bank’s share price has been falling to hit record lows.
- This isn’t a recent development either, for it has been losing market value since 2008.
- The reason for the d
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