How bad is the banking crisis?

Mon, 03/20/2023 - 08:06

People walk by the New York headquarters of Credit Suisse on March 15, 2023 in New York City. After its largest shareholder said it could not provide further support, Credit Suisse shares fell by as much as 30% on Wednesday as global concerns over the stability of major banks continued to spread. — People walk by the New York headquarters of Credit Suisse on March 15, 2023 in New York City.
Spencer Platt/Getty Images

On Sunday, UBS acquired the embattled Credit Suisse for $3.25 billion.
The Fed along with five other central banks announced coordinated action to reassure global banks.
While immediate contagion risks seem to have been contained, concerns still linger over what the next blind spots are.

You know something is wrong when six big central banks from around the world decide to join hands in order to reassure financial markets. That too on a Sunday night.