Thomas Jordan of the Swiss National Bank (SNB) not only provides an introspective review of Credit Suisse’s collapse, but he also points to the banking crisis in the United States. This would have undermined confidence in the Swiss banking sector.
Why is this important?
The bank’s share price fell after leading investor Saudi National Bank announced it would no longer lend to Swiss Credit Suisse. Within days, the bank’s market value evaporated, forcing a takeover by rival UBS.In the message: Switzerland attributes Credit Suisse’s failure to turmoil in the US banking sector, which came at a “very difficult time”.
Recognizing that the mounting loss of confidence is making it clear that Credit Suisse can no longer exist in its current form, Swiss National Bank’s Thomas Jordan believes he has found a stable and sustainable solution with the acquisition of UBS.
- Still, Jordan gives his partner a sneer
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