StanChart CEO says Credit Suisse bond wipeout had profound impact
Winters told a financial forum in Hong Kong the U.S. Federal Reserve move to guarantee non-insured deposits was a "moral hazard".to take over Credit Suisse, the Swiss regulator determined that Credit Suisse's AT1 bonds with a notional value of $17 billion would be wiped out, a decision that stunned global credit markets and angered many holders.
Apart from Credit Suisse takeover, two U.S. banks collapsed in the past two weeks and America's biggest lenders agreed to deposit $30 billion in beleaguered First Republic BankWinters said there appeared to be "non-viable business models remaining, at least in the U.S.", with other banks that had similar deposit concentrations.
Following the banking crisis, Standard Chartered's liquidity coverage ratio , a measure of how much cash-like assets the bank has, is much higher now, Winters said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yuan will continue to be a haven of relative stability – Credit SuisseEconomists at Credit Suisse expect the Chinese Yuan to remain supported and maintain their USD/CNH forecast range of 6.70-7.10. RRR cut should help “W
Read more »
UBS and Credit Suisse's wealth business merger will be awkwardUBS will become a Swiss wealth behemoth after buying Credit Suisse, but blending the two rivals could get awkward and messy
Read more »
The impact of the Credit Suisse bank crisis on the crypto marketMacro Markets Ep. 4 on Cointelegraph Markets & Research: Marcel Pechman explains how the Credit Suisse bank crisis could impact the crypto market.
Read more »
EUR/USD: Break above 1.0806 should see the rally gain more momentum – Credit SuisseEUR/USD extends the advance for the fifth consecutive session on Wednesday. A break above 1.0802/06 would clear the way toward the year-to-date high o
Read more »
Swiss government halts Credit Suisse banker bonuses after backlashThe Swiss government has put a stop to some Credit Suisse banker bonuses after public backlash over the state-engineered rescue plan
Read more »
USD/JPY will eventually retest the 127.53/23 YTD lows – Credit SuisseUSD/JPY may see a near-term pause. Nevertheless, analysts at Credit Suisse continue to look for an eventual retest of the 127.53/23 year-to-date lows.
Read more »