Pickpook: The Unseen Edu & Travels: Bank Of England Worried About The Crisis At Credit Suisse

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Bank Of England Worried About The Crisis At Credit Suisse

Thursday, 16 March 2023

/ by Gabriel Okenwa
The news comes amid turmoil at Credit Suisse, stoking fears of a widespread banking crisis that is reshaping international financial conditions on a daily, even hourly basis.

However, the Bank of England have declined to comment about this issue.

Shares of Credit Suisse fell more than 20% on March 15, after the chairman of Saudi Nation Bank - Credit Suisse's largest money provider - announced that it would no longer provide financial support, although still rated Credit Suisse is a strong bank.

After European markets closed, the Swiss National Bank issued a statement saying it would provide additional liquidity support to Credit Suisse if needed. This news helped Credit Suisse's shares recover a bit, ending the trading day down 14%.

On March 14, Credit Suisse announced that it had discovered a "significant weakness" in the financial reporting process of previous years.

Shares of other European banks also fell, with Deutsche Bank losing 6.8%.

Many major US banks also suffered damage. Shares of Wells Fargo fell more than 3%, Goldman Sachs fell 3%, JP Morgan 4.7%, and Citigroup 5.4%.

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