Fallout from collapse of U.S. banks causes more trouble in Europe

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Fallout from collapse of U.S. banks causes more trouble in Europe

STORY: Fallout from collapse of U.S. banks causes more trouble in Europe DATELINE: March 16, 2023 LENGTH: 00:00:52 LOCATION: Rome CATEGORY: ECONOMY SHOTLIST: 1. various of the banks in Rome 2. various of U.S. dollar and Euros STORYLINE: Banking giant Credit Suisse lost nearly a fourth of its value Wednesday, amid the growing fallout from the collapse of two regional banks in the United States. New York-based Signature Bank was shut down Sunday by state regulators, two days after California's Silicon Valley Bank (SVB) collapsed as depositors rushed to withdraw funds. Wednesday marked the second time in three trading sessions since the U.S. bank failures, that European financial stocks were severely battered. Nevertheless, the dramatic impact on Credit Suisse in trading Wednesday was largely unexpected, since the institution is so large. According to 2022 data from Insider Intelligence, Credit Suisse was the second-largest bank in Switzerland and the 17th-largest in Europe, with an estimated 730 billion

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