Multiple banks failing and more to come? I didn’t see that one coming the way it has played out. Another week, another Biz Doc 411… 4 Stats, 1 Hero/Zero and 1 Interesting Article:
4 Stats
1. $16.5 Billion Gained
Charles Schwab received a whopping $16.5B from customers fleeing traditional banks. The big 4 banks (BofA, Chase, Citi and Wells) made headlines when they garnered new customers and billions from SVB customers running for the exits. Now it seems that consumers and small businesses fled regional banks who were NOT in the headlines. A seismic shift in the industry in one short week.
2. $17.3 Billion Wiped Out
Credit Suisse is being bought by UBS for a “mere” $3.3B which brings Credit Suisse’s 166 year history to an end. In the smoking crater that was once a proud bank, holders of $17.3B in Credit Suisse bonds will suffer a massive loss as the UBS takeover wipes out that $17.3 billion. Ouch.
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