All eyes are on the global banking sector after sudden turmoil brought down or threatened a handful of U.S. banks and one major European bank this month.
The collapse of Silicon Valley Bank (SVB), followed by the near-death of two other regional institutions — First Republic and Signature Bank — left market-watchers jittery and fearful of a domino effect like the one that led to the global financial crisis of 2008.
And that was before Credit Suisse — one of the biggest banks in the world, safely housed in Switzerland of all places — came crashing down last week. What do these financial tremors mean for Canadians?
What happened?
