Swiss financial regulator FINMA on Monday said it was seeking to identify any potential contagion risks for the country's banks and insurers following the collapses of Silicon Valley Bank and Signature Bank .
President Joe Biden pledged on Monday to do whatever was needed to address the banking crisis precipitated by the collapse of the two lenders which forced regulators to step in withFINMA said it was also monitoring for any spill-over effects from the failure of another tech-focused U.S. bank, Silvergate Capital CorpThe regulator said its supervisory activities were focused on the risk management of supervised institutions and on dealing with various scenarios.
The Swiss National Bank declined to comment on the effect SVB's collapse could have on Switzerland's financial sector. In a further reflection of investor concern about Credit Suisse's outlook, the price of some of its bonds fell sharply, with some at record lows. Struggling to recover from a string of scandals, Switzerland's second-biggest bank has begun a major overhaul of its business, cutting costs and jobs and creating a separate business for its investment bank under the CS First Boston brand.of its annual report following a call from the U.S. Securities and Exchange Commission.
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