Banking Crisis: Devastation in the banking sector! Credit Suisse drowned itself, also drowned its savior – credit suisse shares tank 63 percent with ubs shares were down 14 percent
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Swiss authorities announced that UBS would buy Bank Credit Suisse. Swiss President Alain Barset said the deal was a major step forward for the stability of the international financial sector. He said that an uncontrolled collapse of Credit Suisse would have caused huge problems for the country and the international financial system. Credit Suisse Chairman XL Lehman described the deal as a game changer. It was believed that this deal would strengthen the confidence of investors and stop the decline in Credit Suisse shares.
Outcry in the stock markets around the world
But as soon as the Swiss market opened, Credit Suisse shares plunged 63 per cent. According to Indian time, the shares of the company were trading down by 58.69 per cent at 3 pm. Similarly, UBS shares were trading with 9.61 per cent. US stock markets closed down on Friday due to deepening banking crisis and fears of recession. Its effect was also seen on the Asian markets today. Japan’s Nikkei closed at a two-month low. In Japan, the banking sector index declined by 1.88 percent. It has declined 13.6 per cent so far this month. In India too, the BSE Sensex has declined by 900 points.
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