BlackRock Says No To Credit Suisse – Are Their Books So Bad?
2023年3月19日 - 09:44PM
NEWSBTC
Credit Suisse Group, a global investment bank based in Switzerland,
is struggling to survive. However, despite rumors, BlackRock says
it has no interest in participating in any plans to acquire the
bank. Credit Suisse Is Under Pressure Credit Suisse is the
second-largest bank in Switzerland. In the past week, the lender’s
stock crashed by 30%, forcing it into a financial spiral that
spooked its investors. In response, the bank announced that it
would borrow up to CHF 50 billion, or $53.7 billion from the Swiss
National Bank, as relief funds. However, the bank’s woes are far
from over. Related Reading: Conflux (CFX) Token Tallies 167%
Increase In Past Week – Here’s Why According to reports, the Swiss
bank may need to take further measures to restore the confidence of
its investors. BlackRock is not participating in any plans to
acquire all or any part of Credit Suisse, and has no interest in
doing so. — BlackRock (@BlackRock) March 18, 2023 BlackRock, the
world’s largest asset manager, says it has no interest in
participating in any plans to acquire all or any part of the
struggling bank. This announcement caused spectators like Coin
Bureau to question the severity of the problem in Credit
Suisse’s books. The global market is currently experiencing high
volatility levels, making investors hyper-sensitive to financial
institutions’ identity and economic positioning. That is why the
announcement by BlackRock has significantly impacted Credit
Suisse’s attempts to restore confidence. The situation between
BlackRock and Credit Suisse is similar to Binance’s intent to avoid
FTX and the subsequent FTX crash. Suggesting that things were worse
than what was previously advertised. UBS May Take Over To Restore
Trust Credit Suisse’s stock is down over 70% in the last year, with
customers withdrawing $133 billion from 2022 to date. In February,
the bank reported an annual net loss of around $8 billion, its
worst record since the 2008 financial crisis. To restore trust in
the financial sector, the Swiss government and global authorities
are nearing a deal for UBS Group to take over Credit
Suisse and fix the crisis of confidence. Credit Suisse also
announced that it would buy back some of its debt. Some analysts
are not in support, seeing such actions as a potential
vulnerability that may hinder its survival. Related Reading:
Bitcoin Bullish Signal: NUPL Is Forming A Golden Cross On the other
hand, BlackRock has been researching the use of Blockchain and
tokenization of stocks as an upgrade to the traditional stock
market. BREAKINGD: BlackRock is researching how blockchain
technology, and tokenization of stocks could be used to modernize
the stock market. — whalechart 🐳 (@WhaleChart) March 18, 2023 One
use case would be to solve the inefficiency of stock transfers
between brokers. Unlike traditional stock transfers that require
several days of confirmation, the blockchain can usher in automatic
recording and instant processing of stock transfer transactions.
Feature Image From Getty Images, Chart From TradingView
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