Many powerful banks around the world, including the Swiss Bank, collapse.
Switzerland’s Credit Suisse bank has been hit hard by falling stock prices.
Accordingly, it is reported that they are ready to receive a loan of 54 billion dollars from the Swiss Central Bank. It is expected to ease the controversy over the bank’s liquidity.
Credit Suisse’s share price fell after several errors were identified in its financial report, while the bank’s share price rose 24% after it announced that it would receive support from the Swedish central bank.
However, the sudden collapse of America’s “Silicon Valley Bank” and several other banks put the US financial system in dire straits.
The impact sent bank share prices down around the world, with European banks hit hard.
And due to the impact of this banking crisis, shares of several banks in Japan, Hong Kong and Australia fell by 1 per cent.