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167 years of History over in a single
167
years
of
History
over
in
a
single
weekend the emergency sale of Credit
weekend
the
emergency
sale
of
Credit
Suisse one of the banking world's
Suisse
one
of
the
banking
world's
biggest names to fellow Swiss bank UBS
biggest
names
to
fellow
Swiss
bank
UBS
is raising fresh fears about the state
is
raising
fresh
fears
about
the
state
of the financial system. European Central
of
the
financial
system
European
Central
Bank president Christine Lagarde trying
Bank
president
Christine
Lagarde
trying
to inject some calm into a nervy market
to
inject
some
calm
into
a
nervy
market
"The financial tensions
The
financial
tensions
for the last 10 days or so are not
for
the
last
10
days
or
so
are
not
trivial, so I'm not, you know, minimizing
trivial
so
I'm
not
you
know
minimizing
but I'm also saying that we have a
but
I'm
also
saying
that
we
have
a
strong banking sector, much stronger than
strong
banking
sector
much
stronger
than
it was during the last great financial
it
was
during
the
last
great
financial
crisis." There is now only one big name in
crisis
There
is
now
only
one
big
name
in
Swiss banking, but UBS dropped some heavy hints
Swiss
banking
but
UBS
dropped
some
heavy
hints
that it won't have room for all
that
it
won't
have
room
for
all
its new employees.
its
new
employees
UBS intends to downsize Credit Suisse's
UBS
intends
to
downsize
Credit
Suisse's
Investment Banking business and align it
Investment
Banking
business
and
align
it
with our conservative risk culture. One
with
our
conservative
risk
culture
One
Credit Suisse worker described the mood
Credit
Suisse
worker
described
the
mood
in the London office; we've disguised
in
the
London
office;
we've
disguised
their voice.
their
voice
"There's a lot of empty desks; I suspect a
There's
a
lot
of
empty
desks;
I
suspect
a
lot of people are, you know, frantically
lot
of
people
are
you
know
frantically
trying to rush to other employers, other
trying
to
rush
to
other
employers
other
Banks. Your days definitely feel numbered;
Banks
Your
days
definitely
feel
numbered;
there's a lot of anger towards top
there's
a
lot
of
anger
towards
top
management, that the actions of a few over
management
that
the
actions
of
a
few
over
a period of time cost a lot of people their job.
a
period
of
time
cost
a
lot
of
people
their
job
But sadness is the primary emotion".
But
sadness
is
the
primary
emotion
And since Credit Suisse's collapse
And
since
Credit
Suisse's
collapse
followed separate crises at Silicon
followed
separate
crises
at
Silicon
Valley Bank and other American Banks,
Valley
Bank
and
other
American
Banks
some are asking, is history repeating itself?
some
are
asking
is
history
repeating
itself
Experts say no. "This is not
Experts
say
no
This
is
not
another 2008 situation. We do not have a
another
2008
situation
We
do
not
have
a
massively interconnected banking system;
massively
interconnected
banking
system;
we do not have totally inadequate levels
we
do
not
have
totally
inadequate
levels
of capital. We're not at the end of a big
of
capital
We're
not
at
the
end
of
a
big
bull run in ... uh ... mortgage debt origination
bull
run
in
uh
mortgage
debt
origination
and underwriting."
and
underwriting
London has so far avoided most of the
London
has
so
far
avoided
most
of
the
bumps in this roller-coaster, but no one
bumps
in
this
roller-coaster
but
no
one
here is relaxed.
here
is
relaxed
Finance is part of the plumbing that
Finance
is
part
of
the
plumbing
that
underlies the economy, all of our lives,
underlies
the
economy
all
of
our
lives
so while the events in Switzerland and
so
while
the
events
in
Switzerland
and
the US might feel like a long way away,
the
US
might
feel
like
a
long
way
away
the Bank of England is still concerned.
the
Bank
of
England
is
still
concerned
First, because while it thinks the
First
because
while
it
thinks
the
financial system might be in a better
financial
system
might
be
in
a
better
place than it was in 2008, there's
place
than
it
was
in
2008
there's
still a chance that investors might
still
a
chance
that
investors
might
get spooked. Second, because if banks decide
get
spooked
Second
because
if
banks
decide
they don't want to lend out as much, then
they
don't
want
to
lend
out
as
much
then
we have a potential credit crunch with
we
have
a
potential
credit
crunch
with
real economic consequences.
real
economic
consequences
Some think the bank may pause interest
Some
think
the
bank
may
pause
interest
rate increases even as inflation remains
rate
increases
even
as
inflation
remains
high.
high
It might seem odd that the fate of
It
might
seem
odd
that
the
fate
of
distant banks is causing tremors here,
distant
banks
is
causing
tremors
here
but one thing we learned from the last
but
one
thing
we
learned
from
the
last
crisis is when banks go bad we all feel
crisis
is
when
banks
go
bad
we
all
feel
the consequences. Ed Conway, Sky News.
the
consequences
Ed
Conway
Sky
News
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