Authorities 'are trying to avoid for this to infect the rest of the banking system.” Financial Times' Katie Martin tells cathynewman that there’s a state of fear in banks but they are “much better beasts” than they were in the 2008 financial recession.
All weekend, frantic negotiations have been taking place in Switzerland to deal with the troubled banking giant Credit Suisse. It is one hundred and sixty seven years old and has over a trillion dollars of assets under management, but it seems likely in the next few hours it will cease to exist, with reports of either a takeover, or possibly nationalisation.
Earlier this week, Switzerland’s central bank tried to prop up the bank with a forty-five-billion-pound rescue package but that doesn’t seem to have stopped customers withdrawing money and its share price sliding.We spoke with the Financial Times’ markets editor Katie Martin.
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