How Do Failing Banks Affect Fintech?
Plus, FTX's DoorDash costs.
Number of the Week: $200 (explanation below)
How Do Failing Banks Affect Fintech?
The stomach churning over the last year or so has been most often generated by the crypto sector. This week, for a change, the biggest anxiety was around huge, traditional finance companies. As we write this, there is a pending offer for UBS to buy Credit Suisse for $1 billion, or $2 billion, or $3 billion, a piddling amount that would have been laughed at even a few days ago, but instead is being presented as a method of boosting confidence in the banking system. This week it was revealed that US banks have been borrowing from the Federal Reserve at unprecedented levels.
Not since 2008 have the world’s biggest banks looked so weak and volatile.