After SVB, other US banks including Signature Bank , First Republic , and Heartland Tri-State Bank were also closed. In addition to its own business problems, the withdrawal effect from previous bank failures is believed to have caused this chaos.
Not only the US, this year the global banking industry also witnessed the collapse of Switzerland's second largest bank, Credit Suisse. This bank has been unable to withstand a series of scandals over the past few years, from investment losses, staff cuts, leadership changes to litigation. At the end of March, Swiss officials mediated the UBS deal to buy Credit Suisse , to prevent the financial crisis from spreading globally.
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