1. Bank shares slide as Swiss action reverberates far and wide
If the Swiss National Bank’s plan when it forced Credit Suisse to merge with UBS was to spark a full-blown global bank crisis, it’s hard to argue that it’s not done a good job, writes Philip Whiterow
2. Scottish Mortgage's departed director went to FCA
Scottish Mortgage’s departed and outspoken non-executive director Amar Bhidé reckons his interview with the Financial Times, which laid bare problems at the boardroom level of the UK’s biggest investment trust, fulfilled his duty to stockholders by making public his concerns about the director selection process.
3. FTSE 100 holds above 7,400 ... just!
The FTSE 100 ended off the days lows but still 1.3% weaker at 7,405 as the latest bout of banking havoc rattled investors.
4. Credit Suisse bond wipeout has ‘profound’ regulatory implications, says Standard Chartered chief
Winters questioned the process by which regulators assess the financial health of financial institutions, noting that the banks at the centre of the recent market turmoil – Silvergate, Silicon Valley Bank and Credit Suisse – “would appear to have been solvent”, if not liquid.
5. Wetherspoons edges closer to post-Covid recovery but still faces hurdles
Revenue grew by 5% to £916mln compared to 2019’s £890mln, largely driven by a return of its older demographic who may have been initially hesitant to return after the pandemic.