What is the Credit Suisse Event?

What is the scandal at Credit Suisse? Even Pope Francis withdrew his money! Is the world's giant bank going bankrupt?

While the major collapse in Credit Suisse shares, which is among the largest banks in the world, continues, analysts say that the market has begun to price this bank as bankrupt.

The bank’s stock fell nearly 4% on the New York stock market on Friday . While the stock fell to $3.92, the most interesting event was Pope Francis’s order to withdraw all the money of the Vatican from this bank. Pope Francis has ordered the withdrawal of all financial assets of the Vatican, mainly from institutions including Credit Suisse and Deutsche Bank, to Vatican banks.

Breaking News: The Fed has Decided to Hold an Emergency Meeting Tomorrow!

Swiss finance giant #CreditSuisse Group and German #Deutschebank risked bankruptcy. Fed policies now need to be questioned. The world economy is like an interconnected set of dominoes. The fall of the first domino affects the entire system.

Shut Down To Rescue

On the other hand, the bank management plans to downsize Credit Suisse to avoid the bankruptcy. On October 27, the downsizing plan will be presented to the main shareholders. If it is accepted, it will go to a serious downsizing policy. Analysts see the bank’s chances of returning to normal as very slim for now. The bank is allegedly carrying around $900 billion in leveraged transactions.

Shut-Down-To-Rescue What is the Credit Suisse Event? Economy
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Whose is the Credit Suisse Bank?

Credit Suisse, which has 50 thousand employees worldwide, is known as a multi-partner bank. Credit Suisse is a bank and financial company headquartered in Zurich, Switzerland. It was founded on 5 July 1856 by Alfred Escher’s Schweizerische Kreditanstalt. The bank’s shareholders are:

BlackRock 4.11% Dodge & Cox 4.99% Harris Associates 5.17% Olayan Group 4.93% Qatar Holding 5.03% Silchester Int. 3.03%

 

What happened to Credit Suisse bank?

The shares of Deutsche Bank and Credit Suisse, one of the world’s largest investment banks, fell even below the levels of the 2008 crisis. After the situation in the two banks, experts drew attention to the Lehman bankruptcy on September 15, 2008.

 

Credit Suisse Holds $32 Million in Digital Assets

The Swiss megabank recently reported that it has assets and liabilities of CHF 31 million (approximately $32 million), cryptically describing it as “digital asset protection assets.”

The bank had not reported holding these assets in the previous two quarters. The application did not include an explanation of what “digital assets” were.

The aforementioned “SAB 121” guide directs firms that hold “crypto assets” for their customers to report them on the balance sheet as both assets and liabilities. Regulators released this guide in March to highlight the “significant risks” of cryptocurrency storage.

 

 

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