Insider Finance - Business - Bank crisis contagion

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March 16, 2023

Hello, Insiders. Lots going on, so let’s get right to it. Here’s what’s on the agenda:

Why Credit Suisse’s troubles came to a head this week.
How a single TikTok video sparked a massive wave of car theft.
Salesforce salaries revealed: Here’s how much employees earned before layoffs struck.

— Nicholas Carlson

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THE LATEST

Trump, First Republic, & more

How a Trump indictment would play out. Yes, he'll be fingerprinted. No, he probably won't be handcuffed. Read more.
First Republic Bank is reportedly considering a sale after being downgraded to junk by S&P and Fitch. What we know.
TikTok could be banned in the US unless the app’s Chinese owners sell their stakes, per a report. Read the full story.

THE BIG STORY

Credit Suisse’s troubles

Fabrice Coffrini/AFP/Getty Images

Credit Suisse has been thrown a lifeline after the Swiss National Bank offered the lender a $54 billion loan. Shares shot up 32% at the open in Zurich this morning.

The rebound follows a plunge of nearly 25% on Wednesday, caused by news that the banking giant's biggest shareholder — Saudi National Bank — won't be providing any more financial help.

The timing couldn't have been worse. Investors are increasingly worried that recent pressure on banks could herald another financial crisis following last week’s collapse of Silicon Valley Bank.

But investors were showing signs of losing faith in Credit Suisse long before the Saudi comments, and before SVB’s collapse. Here’s why the turmoil came to a head this week.

READ THE FULL STORY HERE

TOP READS

TikTok car thefts, Salesforce, & more

iStock; Robyn Phelps/Insider

Grand Theft TikTok. A surge in car thefts has swept across US cities in the past two years. The cause? A viral TikTok that showed how to easily hijack certain models of Kia and Hyundai vehicles. While the video was quickly taken down, the damage was already done. Get the full story.
Salesforce salaries revealed. The company grew exponentially during the coronavirus pandemic, and it paid top dollar for talent. Here’s how much engineers, managers, and other employees earned before layoffs struck. The full story.
I'm the assistant to the CEO of 23andMe. Kristin Quint is a senior director who’s had the position for six years. She does yoga during meetings and receives 350 to 400 daily messages that require responses. Here’s a day in her life.
A researcher says his “biological age” is a decade younger than his actual age. David Sinclair, 53, is a Harvard biologist and anti-aging researcher. He pointed to lifestyle changes — and four daily habits that he says keep him young.
Nine questions you should always ask when buying a car. Most shoppers don't like car buying — but there are some ways they can make the experience a little less painful. Based on conversations with dealers and industry analysts, here’s what you should ask before making a big purchase.
A Putin ally’s 8-year-old daughter owns a multimillion-dollar London apartment. Vladimir Gruzdev’s daughter is listed as the owner of an apartment in one of London’s most exclusive areas, having taken ownership just 20 days before Russia invaded Ukraine. Find out more.
The 20 best airports in the world. Skytrax, an Aviation-ranking website, has revealed the world's best airports for 2023, according to its customer-satisfaction survey. Only two North American airports made the cut. See the full list here.

TAKE A LOOK

California’s secret weapon

Mario Tama/Getty Images

California is turning to fire-reducing goats, a quirky but popular tool against wildfires. Goats are nature’s lawnmowers; they’re hungry, agile, and far from picky. Across California, herds of goats are being used to prevent wildfires — alongside more traditional forms of fire prevention. Here’s how.

WATCH THIS

Interception

How a Russian warplane hit an unarmed US drone. A Russian warplane collided with a US drone over international waters Tuesday, the Pentagon said. It marked the first US-Russia confrontation since Russia invaded Ukraine. Take a closer look.

FINAL THOUGHT

I want to hear from you

Our team of reporters and editors has been working around the clock to cover the latest financial crisis, breaking down the most complicated aspects of why Silicon Valley Bank failed, how the contagion will impact other banks, and why SVB’s implosion will benefit the biggest banks.

So I want to hear from you. What’s your take on all of this? What do you think will happen next? Are you having any vivid memories from the 2008 crisis and how it affected you? Let me know: insidertoday@insider.com.

— Nicholas Carlson

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This edition was curated by Nicholas Carlson, and edited by Hallam Bullock, Lisa Ryan, Dave Smith, Nathan Rennolds, Anil Varma, Matt Turner, and Jack Robert Stacey. Get in touch: insidertoday@insider.com.

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Insider Finance - Business - Bank crisis contagion

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How to sound smart on SVB

Wall Street: The fight for SVB’s customers

Why Silicon Valley Bank failed

Wall Street: Banks’ wild weekend

How Silicon Valley Bank imploded

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