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Banking crisis 2023

March 16, 2023

The collapse of two US banks and turmoil at Credit Suisse have sparked fears in global markets.

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Dunkle Regenwolken hängen über der Skyline von Frankfurt am Main
Image: picture-alliance/dpa/F. May

The US bank failures left global investors worried, with banking stocks taking a major beating. Shortly after, the Swiss National Bank said that UBS would be taking over embattled lender Credit Suisse. The deal will see UBS acquire Credit Suisse for 3 billion Swiss francs ($3.23billion). It was the first major global bank to be extended such a lifeline since the 2008 global financial crisis. Financial market experts remain concerned about the developments, worrying that they could turn into a deeper banking crisis. Follow DW's coverage of events here. 

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