Saudi National Bank chair resigns just days after Credit Suisse comments sparked sell-off
Al-Khudairy’s resignation comes days after his comments fueled investor panic and contributed to a selloff in the shares of embattled lender Credit Suisse.
Al-Khudairy’s resignation comes days after his comments fueled investor panic and contributed to a selloff in the shares of embattled lender Credit Suisse.
Uncertainty caused by the collapse of Silicon Valley Bank this month triggered outflows and plunging share prices at peers including First Republic and PacWest.
Regulators again assured the public that the system is safe, as data showed customers pulled nearly $100 billion in deposits.
Deutsche Bank shares fell 14% on Friday after a spike in credit default swaps on Thursday night, as concerns about the stability of Europe’s banks persisted.
The Bank of England on Thursday hiked interest rates to their highest level since 2008 as it grapples with persistent high inflation.
U.K. inflation unexpectedly jumped in February as food and energy bills continued to soar, placing further pressure on households.
The demise of banking giantย Credit Suisse sent shockwaves through financial markets and appears to have dealt a blow to Switzerland’s reputation for stability.
Despite bold proclamations about a return to stability, the sale of Credit Suisse to UBS does not appear to have laid to rest contagion concerns.
“BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so,” a company spokesperson told CNBC.
JPMorgan’s Kian Abouhossein described a Credit Suisse takeover by UBS as “the more likely scenario.”