News about Daniel Davis

To determine the consequences of a possible Credit Suisse loss, the Bank of England has conducted emergency meetings with its colleagues around the world financial system to determine the consequences of a potential Credit Suisse failure. Credit Suisse's stock dropped by as much as 30% before closing at 24 percent, sparking an emergency trading halt on the Swiss stock exchange. The slump sparked doubts over a global banking crisis, with the European Central Bank contacting banks to question them on their Credit Suisse exposure. After Silicon Valley Bank's failure in the United States last Friday, analysts warned of 'nervousness' in international markets, the country's biggest bank failure since the 2008 financial crisis. Larry Fink, the world's largest asset manager, BlackRock, said the US financial system was facing a "slow rolling crisis" and that "more seizures and shutdowns were imminent." However, traders were reassured this morning after Credit Suisse announced that it would borrow up to £45 billion from the Swiss central bank to help boost liquidity and market confidence. Credit Suisse's shares increased by 33% this morning following the announcement.