At least two major banks in Europe are examining scenarios of contagion in the region's banking sector and are looking to the Federal Reserve and the ECB for stronger signals of support, two senior executives close to the discussions told Reuters.
said on Sunday the banking crisis in the United States was going to expedite overall credit tightening and slow the U.S. economy.
As regulators try to stop the loss of confidence in Credit Suisse before markets reopen on Monday, one source said earlier on Sunday that the talks with UBS were encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combine, Reuters reported. In a sign of further strain, a coalition of midsize U.S. banks, Mid-Size Bank Coalition of America , has asked regulators to extend FDIC insurance to all deposits for the next two years, Bloomberg News reported on Saturday citing an MBCA letter to regulators.
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