Bank fears in Europe

[phkrause]

Bank fears spread to Europe, drag down shares of big lenders

GENEVA (AP) — Fears about the world banking system spread to Europe on Wednesday as shares in the globally connected Swiss bank Credit Suisse plunged and dragged down other major European lenders in the wake of bank failures in the United States.

https://apnews.com/article/credit-suisse-banking-shares-plunge-switzerland-ba1861aa8b61170c00a2789287dc9a08?

[phkrause]

Credit Suisse shares soar after central bank offers lifeline

GENEVA (AP) — Credit Suisse shares surged Thursday after the Swiss central bank agreed to loan the bank up to 50 billion francs ($54 billion) to bolster confidence in the country’s second-biggest lender following the collapse of two U.S. banks.

https://apnews.com/article/credit-suisse-banks-svb-shares-ecb-lagarde-94585aebadbf67f9a2307d3560ce502c?

[phkrause]

Credit Suisse takeover hits heart of Swiss banking, identity

GENEVA (AP) — The UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center, analysts say, warning that the country’s prosperity could grow too dependent on a single banking behemoth.

https://apnews.com/article/banking-credit-suisse-ubs-switzerland-8078ecf2c389deed29ca96068fc53f97

[phkrause]

Credit Suisse faulted over probe of Nazi-linked accounts

GENEVA (AP) — U.S. lawmakers have accused embattled Swiss bank Credit Suisse of limiting the scope of an internal investigation into Nazi clients and Nazi-linked accounts, including some that were open until just a few years ago.

https://apnews.com/article/credit-suisse-nazi-clients-senate-switzerland-bank-c5a891d541047123cea497d6996efe38

[phkrause]

£55bn withdrawn from Credit Suisse before rescue

The Swiss banking giant said 61.2bn Swiss francs (£55.2bn; $68.6bn) left the bank in the first three months of the year.

https://www.bbc.com/news/business-65370751?

[phkrause]

Europe’s central bank halts rate hikes as war in the Middle East casts a shadow over the economy

FRANKFURT, Germany (AP) — The European Central Bank left interest rates unchanged Thursday for the first time in over a year as the Israel-Hamas war spreads even more gloom over already downbeat prospects for Europe’s economy.

https://apnews.com/article/european-central-bank-interest-rates-inflation-88b615235d34fd7e9ca3a6cef2763513?

[phkrause]

Swiss mess: Geneva’s Banque Pictet settles with U.S.over hiding $5.6 billion from IRS

The centuries-old bank agreed to pay $123 million for helping hundreds of American customers evade U.S. taxes

https://www.marketwatch.com/story/swiss-mess-genevas-banque-pictet-settles-with-u-s-over-hiding-5-6-billion-from-irs-8ae507e0?

[phkrause]

Bank of England holds interest rates at a 15-year high despite worries about the economy

LONDON (AP) — The Bank of England kept borrowing rates unchanged Thursday despite mounting worries over the state of the British economy, and it showed little sign that it is contemplating cutting them anytime soon — unlike the U.S. Federal Reserve.

https://apnews.com/article/bank-of-england-interest-rates-recession-e1f4fce6a755e4904f8b1cd884bc44c5?