First Republic Bank has plunged into a crisis due to depleting liquidity following the quick meltdown of Silicon Valley Bank and Signature Bank. The bank's shares have plunged nearly 90 per cent in two weeks triggering fears that it may also collapse.
Credit Suisse has 15,000 employees in India, its second largest employee footprint, just behind its operations in Switzerland. Although the fine print of the UBS' acquisition of Credit Suisse is not out yet, the employees facilitating Credit Suisse’s India operations have been left in a state of uncertainty.
The Federal Deposit Insurance Corporation (FDIC) said the deal would see the subsidiary, Flagstar Bank, assume substantially all of Signature Bank's deposits, some of its loan portfolios and all 40 of its former branches.
Shares of regional banks such as First Republic Bank, PacWest Bancorp and Western Alliance Bancorp have plunged since the banking crisis started on March 8 with the collapse of Silvergate Capital Corp and intensified as US regulators took over Silicon Valley Bank and Signature Bank.