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Viewsroom

Bank crises proved a mixed blessing for rivals

Viewsroom

Reuters

News

4.458 Ratings

🗓️ 21 March 2024

⏱️ 21 minutes

🧾️ Download transcript

Summary

It’s 12 months since Silicon Valley Bank failed and Credit Suisse collapsed into the arms of UBS. In this Viewsroom podcast, Breakingviews columnists explain how bigger banks gorged on these lenders’ carcasses – and how the system’s underlying weaknesses have not gone away. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hi, just leave on work now. Sorry, it's a bit loud.

0:03.3

Um, basically, so I was thinking we could get Macies tonight. Had a big Mac on my mind all day, and delivery fee on the app is now from 99P. So you win? Of course you are. Love you. Bye! Exclusively on the McDonald's app. 18 plus, service fee and small order fee may apply. Participating restaurants. Serving times and teas and seas apply. The views expressed on this podcast are those of the participants, not of Rojder's News.

0:29.3

Now it's extremely important that both parties involve, credit Swiss and UBS,

0:34.8

to everything that the takeover will be successful and the next couple of weeks

0:39.5

until the closing will go smoothly through. I think this is absolutely necessary. And we got

0:46.0

all the commitments by the involved party that they do everything, that this takeover will be

0:51.6

successful. It's important for both. It's important for Switzerland and it's

0:55.4

important for financial stability. That was Thomas Jordan, chairman of the Swiss National Bank,

1:01.0

talking about the fallout after European Bank Credit Suisse collapsed in March last year.

1:06.4

Welcome back to the views room. I'm Anita Ramoswamy. And I'm Amy Donlan. It's been about a year since UBS bought Credit Suisse.

1:14.2

And it's also just about a year since Silicon Valley Bank, a major lender to the startup world fell.

1:20.6

We're joined by Breaking News Global Editor Peter Tal Larson and Finance Editor John Foley,

1:26.2

who covered these major banking prices and

1:28.7

their aftershocks.

1:30.3

Stay tuned for the Views for the weekly podcast from Reuters' breaking views, where

1:34.4

Anita and I talked to our fellow columnists about the big stories of the week.

1:38.2

We're coming to you from New York and London. It's a year on from two dramatic bank collapses, SVB, which failed and credit suites, which was rescued by UBS.

1:56.3

There are implications for both U.S. and Europe.

2:00.4

And I just wondered if we could start, John, with you.

2:03.4

Maybe best thing to do, I can't imagine anyone has forgotten about this,

2:07.4

but could you refresh our listeners' memory and tell us what happened with SBB,

2:11.8

what brought about its demise?

...

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