BREAKDOWN: Is Credit Suisse the Next Banking Domino?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 15 March 2023
⏱️ 15 minutes
🧾️ Download transcript
Summary
The Swiss bank hit an all-time low in its stock price when its biggest shareholder said it wouldn’t invest more.
Following the failure of Silicon Valley Bank and Signature, markets are holding their breath for more trouble in the banking sector. Wednesday morning, comments from one of the biggest investors in Credit Suisse sent that company’s stock tumbling. Numerous European banking stocks followed Credit Suisse lower, leading some to wonder if the U.S. banking crisis was moving overseas.
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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with today's editing by Jonas Huck, research by Scott Hill and additional production assistance by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: EThamPhoto / Getty Images, modified by CoinDesk.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.3 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.1 | The breakdown is produced and distributed by CoinDes. |
| 0:20.1 | What's going on, guys? It is Wednesday, March 15th, and today we are discussing whether |
| 0:24.7 | Credit Suisse is the next banking domino. A quick note before we dive in, there are two ways to |
| 0:30.3 | listen to the breakdown. You can hear us on the Coin Desk podcast network, which comes out every |
| 0:34.3 | afternoon and is featured alongside other great Coin Desk shows, or you can listen on the breakdown only feed, which comes out a few hours later in the evening. |
| 0:41.4 | Wherever you're listening, if you are enjoying the show, I would so appreciate it if you |
| 0:44.7 | would leave a rating or a review. It makes a huge difference. |
| 0:48.3 | All right, friends, today we are talking about the same thing that everyone in traditional markets |
| 0:53.1 | is talking about, which is Credit Suisse. |
| 0:56.0 | Bloomberg's headline blair's Credit Suisse in fight to win back confidence as shares plunge. |
| 1:01.3 | And that headline has recently been updated to the even scarier Credit Suisse ignites global |
| 1:05.1 | market route as banking fears return. So what's going on? Is Credit Suisse the next domino? Is it a big nothing burger? Is it |
| 1:13.1 | something totally different? But it doesn't matter that it's totally different because all people |
| 1:16.9 | here is bank failure and they get scared. Let's dive in. So Credit Suisse has been looking shaky |
| 1:23.5 | for a while. It's in the midst of a larger restructuring process by which its investment |
| 1:27.9 | banking division will be spun out, and the bank will focus just on its wealth management |
| 1:31.4 | division. This is actually its second big strategic pivot in the last two years, and obviously |
| 1:36.2 | in the world of banking, that sort of bobbing and weaving isn't necessarily something |
| 1:40.9 | investors get too excited about, to say nothing, of course, of depositors. |
| 1:45.4 | Now, right now, the specter of Silicon Valley Bank is hanging not only over Credit Suisse, but |
... |
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