15.8 C
New York
September 29, 2023
Banking Business Credit Suisse europe European banks Financial sector news Switzerland UK news World news

More than £75bn wiped off FTSE 100 amid Credit Suisse crisis

Swiss bank’s shares fall to record low as top shareholder Saudi National Bank rules out more funding

More than £75bn was wiped off the FTSE 100 on Wednesday, as Swiss authorities stepped in to reassure panicked markets over the health of the embattled European banking giant Credit Suisse.

The Swiss central bank and its financial markets regulator issued a joint statement on Wednesday evening, pledging to provide emergency funding if necessary. They insisted there was no “direct risk” of contagion from turmoil in the US banking system, after the sudden collapse last week of the US lender Silicon Valley Bank.

Continue reading…

Related posts

Russia carries out two mass rocket strikes on Ukraine killing at least five people


Wagner has handed over thousands of tonnes of weaponry, says Russia


Profits at Apple’s subsidiary in Ireland rise to $69bn


Pin It on Pinterest

Share This