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Financial shares fall as Credit Suisse becomes latest crisis for the sector
Posted on 3/15/23 at 8:41 am
Posted on 3/15/23 at 8:41 am
quote:
Financial shares fall as Credit Suisse becomes latest crisis for the sector
CNBC
Key Points:
- Shares of the Swiss bank fell more than 20% after its biggest backer said it won’t provide further financial support.
-The move appeared to be hitting large and regional U.S. banks as well.
-While Credit Suisse’s struggles appear unrelated to the mid-tier U.S. banks, the combination of the two issues could spark a broader reexamination of the banking system among investors, according to Peter Boockvar of Bleakley Financial Group.
Bank stocks were under pressure on Wednesday as the sharp drop of Credit Suisse rattled a segment of the market that was already reeling from two large bank failures in the past week.
Shares of the Swiss bank fell more than 26% after its biggest backer said it won’t provide further financial support. Credit Suisse announced on Tuesday that it had found “material weakness” in its financial reporting process from prior years. Other European banks also slid, including a 10% drop for Deutsche Bank.
The move appeared to be hitting large U.S. banks as well. Shares of Wells Fargofell more than 4% and Citi dropped 5%, while Bank of America dipped 3%. JPMorgan and Goldman shed about 4% each.
quote:
The fallout from the collapse of SVB could also lead to more regulation and rising costs for the U.S. banking sector, including the potential for higher fees to regulators to pay for deposit insurance.
6
Posted on 3/15/23 at 8:44 am to dewster
I genuinely suck arse at understanding any of this bank shite. Always have, and it seems like I always will.
Posted on 3/15/23 at 8:45 am to dewster
I still am not paying for a checking account.
Posted on 3/15/23 at 8:53 am to RealDawg
Saudis own 10%. They say that their own laws prohibit them from putting more cash in. That means CS will have to get cash elsewhere, probably by liquidating long term bonds that have lost a lot of value due to rises in rates.
That’s my grossly underinformed view.
That’s my grossly underinformed view.
Posted on 3/15/23 at 8:57 am to Bottom9
quote:
Always have, and it seems like I always will.
It's like that on purpose. It keeps common people out of their ranks, and it keeps common people from having a say.
quote:
At some turning point in history some f face recognized knowledge tends to democratize
Posted on 3/15/23 at 8:59 am to dandyjohn
quote:
Saudis own 10%. They say that their own laws prohibit them from putting more cash in.
Media won’t cover this though. They’ll just spin it to make it sound like their largest shareholder just said no. Big difference
Posted on 3/15/23 at 9:01 am to Im4datigers
quote:
Media won’t cover this though. They’ll just spin it to make it sound like their largest shareholder just said no. Big difference
Yep.
There's been some buzz about Credit Suisse for a while. So they know people were already kind of on heightened awareness even before the bank failures in the US.
Posted on 3/15/23 at 9:05 am to dewster
Credit Suisse's issues have been known for a long time......still they are too big to fail
Posted on 3/15/23 at 9:10 am to dewster
The banking system is collapsing. Part of the impending turnover to a global digital currency.
Posted on 3/15/23 at 9:44 am to Bottom9
quote:
genuinely suck arse at understanding any of this bank shite. Always have, and it seems like I always will.
All you need to know is no recession happens by accident and the elites will suck your money from you one way or another
Posted on 3/15/23 at 10:58 am to 14&Counting
quote:
Credit Suisse's issues have been known for a long time......still they are too big to fail
The rumors of CS demise have been around for several years now.
Posted on 3/15/23 at 11:02 am to Bottom9
quote:
I genuinely suck arse at understanding any of this bank shite. Always have, and it seems like I always will.
I always like to remind people of this, makes me laugh
quote:
The chief executive of Goldman Sachs, which has attracted widespread media attention over the size of its staff bonuses, believes banks serve a social purpose and are doing “God’s work.”
Posted on 3/15/23 at 11:17 am to dewster
Wall Street: This completely unrelated issue will cause me to panic and sell my shares.
Also Wall Street: This bad economic news is actually good economic news. Buy!
Also Wall Street: This bad economic news is actually good economic news. Buy!
Posted on 3/15/23 at 11:27 am to dewster
The crash is coming and it will make the 1930s look like child’s play
Get your cash out now and buy gold/silver and ammo plus non perishables
Get your cash out now and buy gold/silver and ammo plus non perishables
Posted on 3/15/23 at 11:31 am to Jim Rockford
quote:What has been killing me is that, for the previous 2 years, every financial report is titled “______ is stoking recession fears”.
Wall Street: This completely unrelated issue will cause me to panic and sell my shares.
Also Wall Street: This bad economic news is actually good economic news. Buy!
The market just keeps stoking those fears.
Apparently, it is impossible to actually enter a recession.
This post was edited on 3/15/23 at 11:32 am
Posted on 3/15/23 at 11:36 am to dandyjohn
quote:
It's like that on purpose. It keeps common people out of their ranks, and it keeps common people from having a say.
As someone who works in finance this is spot on. They try to be cryptic with terminology making sure the average joe thinks learning about financial markets, banking, interest rates, etc is way over their head.
Posted on 3/15/23 at 11:36 am to deltaland
quote:
The crash is coming
Well, it certainly is if this becomes the prevailing thought/action:
quote:
Get your cash out now and buy gold/silver and ammo plus non perishables
Self-fulfilling prophecy.
Similar to people crying that they couldn't find toilet paper when in the background of the video shot Marge and her boy Gary were pushing two carts full of the shite to the checkout counter. Or, when there was a "meat shortage" that just coincidentally happened to coincide with the deep freezer boom. I'm still mourning because now is about the time that a bunch of women who never cooked start throwing out pounds of freezer burned pork chops and steak.
This post was edited on 3/15/23 at 11:39 am
Posted on 3/15/23 at 11:42 am to LSUFanHouston
quote:
The rumors of CS demise have been around for several years now.
this. And i usually hear them from CS employees.
Posted on 3/15/23 at 11:52 am to genuineLSUtiger
quote:
Financial shares fall as Credit Suisse becomes latest crisis for the sector
The banking system is collapsing. Part of the impending turnover to a global digital currency.
Posted on 3/15/23 at 11:57 am to WAC13
quote:
As someone who works in finance this is spot on. They try to be cryptic with terminology making sure the average joe thinks learning about financial markets, banking, interest rates, etc is way over their head.
Every profession does this. Law, medicine, etc. And yes, it is deliberate.
This post was edited on 3/15/23 at 12:04 pm
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