In the wake of the collapse of Silicon Valley Bank and Signature Bank, the blowback continues to ripple outward globally with the current death throes of Credit Suisse Bank. In an announcement made on Sunday by Swiss regulators FINMA, the world was made aware of the Swiss National Bank and UBS (a multinational investment bank) coming together to acquire Credit Suisse, with the backing of Swiss authorities. This purchase was done in an effort to save the rival Swiss bank (and financial system) from collapse.
Tag: Finance
Elon Musk’s Twitter Deal Stalled Waiting for Proof of Fake Accounts
Elon Musk acquired twitter in a $44 billon deal in April, however a recent delay has now been caused by Musk over fake accounts. Musk has requested that twitter show proof of its claim that less than 5% of daily users are fake accounts. Despite Twitter’s defense that Musk waived
rights to due diligence when the deal was decided, Musk tweeted recently that the deal “cannot move forward” until this issue is resolved.
China’s Bankers and Traders Sleeping in Their Wall Street Offices During Covid Lockdown
Amid a major Covid lockdown in China, nearly 20,000 bankers and traders in Shanghai are taking major precautions to ensure business runs as usual. Many companies have asked their employees to live at the office in an effort to prevent any disruption while the lockdown is taking place. However, a recent extension of the lockdown means that these employees will be camping out for longer than expected.
