Australian James Gorman,global boss of Morgan Stanley,has backed rigorous oversight to limit banking crises and bankers’ poor decisions.
The collapse of Credit Suisse and the problems with America’s smaller banks may seem part of a broader malaise. But they’re also the victims of their own poor decisions.
A handful of regional lenders are at the heart of a crisis that’s shaken the US and engaged the likes of billionaire investor Warren Buffett.
UBS is acquiring a troubled Credit Suisse,while three mid-size US banks have failed or been bailed out. Now investors are worried about the leverage of non-bank lenders.
UBS is seeking $US6 billion costs to be covered by the Swiss government,if it buys rival Credit Suisse.
Swiss officials are pushing UBS to look at various ways it could be involved with finding a way to help its ailing rival Credit Suisse.
For some,it’s hard to ignore the similarities between this week’s overseas banking turmoil and the early days of the global financial crisis.
There are good reasons to feel uncomfortable about this bailout. By saving big depositors from their own fecklessness are policymakers encouraging future bad behaviour?
The founder of a Sydney start-up has taken several staff on an emergency trip to recover money from the collapsed Silicon Valley Bank.
Financial markets are betting the dramatic failure of Silicon Valley Bank will result in a lower peak in Australian interest rates.
Although the failure of SVB was likened to the global financial crisis,it was a false equivalence for a few simple reasons.