Credit Suisse erupts into a full-blown crisis raising recession fears | Explainer | Oneindia News
Video Credit: Oneindia - Duration: 05:32s - Published
Credit Suisse erupts into a full-blown crisis raising recession fears | Explainer | Oneindia News
The threat of financial contagion after the fall of the Silicon Valley Bank and Signature bank seems to be coming real….And perhaps it is gradually spreading to Europe.
The situation seems grim and ominous in one of the Europe’s mightiest banks.
This time, one of the largest global investment banks of the world, Credit Suisse, seems to be on the verge of collapse….or if not on the verge of collapse, its situation certainly seems to be in the red for the moment.
The bank has said that it is taking a "decisive action" to strengthen its liquidity by borrowing up to $54 billion from the Swiss central bank after a slump in its shares intensified fears about a broader bank deposit crisis.
Robert Kiyosaki, an investor, author, and Wall Street analyst who predicted the collapse of Lehman Brothers in 2008, believes that Credit Suisse is on the verge of collapse.
Actually, the underlying problem with Credit Suisse is not something completely new.
Today, we take a look at what exactly is going on with this investment bank and what had happened during last few years that had severely dented its credibility.
But before that, don’t forget to like, share and subscribe to Oneindia.
UBS to Lay Off 3,000 Employees , As It Absorbs Credit Suisse.
UBS agreed to buy Credit Suisse in March in an attempt
to halt financial market panic spawned by the failure of
Silicon Valley Bank and Signature Bank in the U.S.
UBS agreed to buy Credit Suisse in March in an attempt
to halt financial market panic spawned by the failure of
Silicon Valley Bank and Signature Bank in the U.S.
As a result, UBS is expected to let go of
about 3,000 employees in Switzerland.
That amounts to about
8% of staff, CNN reports. .
The move is expected to promote controversy, as the
deal has been unpopular with many in the country. .
The Swiss Bank Employees Association demands that the 37,000 employees of the two institutions in Switzerland are treated fairly and equally in the integration process, The Swiss Bank Employees Association, via statement.
UBS CEO Sergio Ermotti
said that the layoffs would take
place "over a couple of years.".
Every lost job is painful for us. Unfortunately, in this situation, cuts were unavoidable, Sergio Ermotti, UBS CEO, via statement.
Affected employees will be provided with "financial support, outplacement services and retraining opportunities," CNN reports. .
Layoff expectations outside of Switzerland have yet to be revealed.
8,000 Credit Suisse employees voluntarily quit at the beginning of the year, with about half of them being from the U.S. and Asia-Pacific. .
UBS currently has about 122,000 employees
in its combined global workforce
Credit: Wibbitz Top Stories Duration: 01:31Published
The two Baltic nations of Estonia and Latvia have signed an agreement with Germany to purchase a medium-range air defense missile system that opens the way for the two nations to join a common air defense system proposed by Germany last year. Estonia and Latvia had previously signed letters of intent to joint the ‘Sky Shield Initiative’, a common air defense system proposed by Germany in 2022 in the wake of the Russian war against Ukraine. The project currently includes 16 NATO member states, NATO invitee Sweden, as well as the neutral states Austria and Switzerland.
#Skyshieldnato #Skyshielddefencesystem #Skyshield
~HT.178~ED.102~PR.153~
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