One of the most prominent lenders in the world of technology startups, Silicon Valley Bank, which was struggling, collapsed on March 10, after a run on the bank by the depositors. Its closure led to a contagion effect and subsequent shutting down of other banks. Indian Banking System Less Prone to Silicon Valley Bank-Like Incidents: Ministry of Finance Report.
Switzerland s finance minister said the deal could likely lead to thousands of job cuts for Credit Suisse, as the embattled bank and UBS offer similar services.
UBS To Acquire Credit Suisse for $3.25 Billion, As Regulators Step In Amidst Growing Global Financial Concerns swarajyamag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swarajyamag.com Daily Mail and Mail on Sunday newspapers.