Banks Face a Tightening Noose

I n the midst of the cricket season, the question on every enthusiast’s mind was about who had just got out. However, in the current landscape, this question has transcended the realm of cricket and seeped into the world of finance. Every morning, we are greeted with a similar inquiry: “Which bank has got out?” This signifies the constant churn and turmoil in the global banking industry. The recent news of Credit Suisse Group AG’s shares plummeting more than 25 per cent and hitting a fresh record low on Wednesday signifies that there is no question about the US-centric banking crisis having dramatically shifted globally. Unfortunately, a nasty can of worms has been opened.