we haveçó 50 basis points.w3 the snb policy rate moving from 1% to e11.5%.olicy rate will be necessary to ensure priceok stability overc medium term. for all of you who are active in the currency markets and interested in thew3 snb on currency intervention,5a■ we ren ready to intervenee1 in currenc markets. we will remain ó.÷ active partis paintxd to steere1 the levels against otherjf lpcurrencies. let's see, what else. the bank will provide monetary5 conditions appropriately and will remain active in the foreign exchange market as necessary. we are gettingñr a slew of projections which have movedçn'r higher, notably from previously. the snb with 2023 inflation at 6% as the previous as 2.4%. 2024 goes to 2% against the forecast of 1.8%. interestingly, karen, we have çó re-confirmation of activity on basis points, we are alsoe1 getting a lift with the inflation numbers. >> and it is interesting given what we have seen with the clean up of credit suisse as you had an impact on major institutions of december. you have the data for lifting by 50 basis points tod

is the backstop from the snb enough?ncine: at the moment, yes, but if you look back at what happened the last 48 hours, it was crazy. a lot of times we were looking at ourselves and saying, what happens next? this is not as -- svb, this is a bank more embedded into the financial system but also a bank that is well-capitalized. if you look at the difference between svb and credit suisse, it is quite healthy in terms of liquid assets, has access to a stream of central-bank facilities, so the snb came in and said, if you need more because they wanted to put a floor on the panic, and we also heard from the chairman of the saudi royal bank that started all of this and saying we will not put an extra penny to this, saying that he thinks it is fine. what he was trying to suggest as they did not want to go above 10% as a shareholder because that means a lot more regulatory concern, but there is something in the markets -- and let's be clear, this is not a good bank, but it is not a disaster bank at this point either. because of

obviously, the snb has put a line under the concerns and rumors, but will this just be a short-term fix what does it ultimately mean for the viability of the the restructuring plan put in place by the management at credit suisse let's also talk about the interest that there is in bank stocks more broadly now with mattias hein thank you for joining us let's talk about credit suisse here first come out of the gate strong this morning after the reassurance and guarantees we had from the snb. i think to help us understand what comes next for credit suisse is worth dwelling on why the market was so nervous about this business and why we saw what we saw over the last 48 hours. what do you think is going on? >> i think it was a combination of negative news coming out from the s.e.c. putting a question mark on risk management procedures and the asset side of the balance sheet yesterday. declines that new injection and that worried sources going forward. we had the regional banking crisis spilling over into the european market. that is a liquidity issue that took hold of credit suisse as we saw

the snb have been in charie government. the snb have been in charge for decades _ government.one point. i have been away for seven months, _ forbes. one point. i have been away for seven months, which _ forbes. one point. i have been away for seven months, which is - forbes. one point. i have been away for seven months, which is not - forbes. one point. i have been away for seven months, which is not an i for seven months, which is not an excuse. _ for seven months, which is not an excuse. for— for seven months, which is not an excuse. for some _ for seven months, which is not an excuse, for some if— for seven months, which is not an excuse, for some if you _ for seven months, which is not an excuse, for some if you seen - for seven months, which is not an| excuse, for some if you seen from snb members— excuse, for some if you seen from snb members they've _ excuse, for some if you seen from snb members they've been - excuse, for some if you seen from - snb members they've been expressing concerns _ snb members they've been expressing concerns right— snb members they've been e

snb saying they have put a halt to the crisis.ne lacqua is on the ground in zÜrich and will bring us more on this story throughout the morning. currently the swiss gaining 0.6% against the u.s. dollar, so a decent pop for the swiss franc. likely tied to the guidance that the snb cannot exclude more rate hikes in the foreseeable future. ok, this story will get more details live from zurich in the coming hours. let's get the bloomberg business flash. >> thanks, tom. neither billionaire jim radcliffe nor the qatari consortium interstate in manchester united have submitted bids for the british football club. both were granted extensions to last nights deadline to increase those initial offers. groups are competing to acquire the club from the american glazer family. china evergrande group has announced its long-awaited multibillion dollar reconstruction plan. they say they will give creditors the option to swap debt into new bonds and equity linked notes. returning to normal operations will mean financing of at least $36 billion. the

let's talk about that snb. how do they balance this?ight path with the recent global banking turmoil? francine: this is the same dilemma as the fed had yesterday. it is widely expected that they will hike in this has been in the cards for a couple of months. the snb meets every quarter so this is the first meeting of 2023. they are at the epicenter of this financial turmoil so it is like the fed. do they hike less than expected at the moment when they are expecting an 50 basis point hike? that would bring it to 1.5%. that is well below what the ecb has done in terms of hiking. inflation is well below what we are seeing in a lack eurozone countries. inflation is only at 3.4%. this is something the snb has in the past that they are still worried about because the trend so far will be an increase in inflation. they want to get ahead of its, but when we saw the setting -- incredible seven days we just live through i don't know how easy it will be for them to navigate this. if they hike less, markets will ask what are they saying that we don

the snb is therefore and square. we have 100 billion of liquidity , losses guaranteed up to the tune of 9 billion. this is switzerland trying to ensure its borders remain robust in terms of banking, but bailing in the bondholders is the single most disruptive aspect. have they absolutely inverted the capital structure of banking? the toll of that bell is for the demise of credit suisse, the birth of a new bank, and a whole new view on swiss banking. tom: manus, could you set the scene better? i do not think so. we will be coming back to manus for more analysis and the implications for these bond markets that topped up the riskiest tier of at1's. then you have the central banks led by the fed coming out with liquidity positions and additional support in dollar funding and we will break down implications for that, raising many questions even as arguably you put something of a barrier around the crisis that is credit suisse. the benchmark index in the asia-pacific currently down 1.3 percent, banks in focus. you can draw

julianna commented on the snb. the swiss national bank which provided a backstop to credit suisse guaranteeing a line of $54 billion here for the time being, that seems to be enough to calm nerves. that's for the time being. the problem for credit suisse is it just can't seem to get out of its own way. earlier in the week, we had further comments around technical reporting. the s.e.c. has had its issues with the way it thinks credit suisse is compiling its financial reporting. go way back at the end of the year with the news of the significant outflow of client money in excess of $100 billion. there are lots of small cuts here that the market has interpreted into a bigger picture which credit suisse management says is not justified. if you look at the capital levels here, liquidity capital ratio at 150% for the end of the fourth quarter ultimately, the ratio at 14.1% numbers would look healthy if it weren't for the fact we had svb and markets being fragile and jittery about financials we have the latest backstop. t

snb. it is too early to say.nk the main purpose of the integration of the snb is to make sure there making sure that credit suisse will be liquid. the question is, how much time to clients will let them to perform the transformation plan? we can have the deutsche bank template, it worked for them. the second option is of course, m&a. we talked about ubs, of course, the situation and possibilities, but they are not alone as the potential buyer. credit suisse is worth six to 8 billion as we speak, just about the net result of [indiscernible] who has -- of course it is a target. monet is an option. breakup of puts the? on the investment bank. it is i think too early to say. and deutsche bank took a few months to see the situation stabilizing. let's see in the next weeks. tom: you are cio, what has your advice been to your clients? do they want to be taking advantage of the route in the market or moving more into cash or safe haven? what are you telling your clients? david: most discussions when it comes down to cred

a lot of analysts are skeptical that despite the stopping of the hemorrhaging on the shares, this snbiquidity injection will be sufficient for this bank to go on by itself. this is speculation at the moment. credit suisse it behind us over there and looming large is ubs where jp morgan says is a lot -- most likely outcome of a takeover. there are issues that come with that with a lot of client overlap and ubs's intention is to expand in the u.s.. acquisition of credit suisse does not do a lot for them in that realm. the swiss would like to keep in the family if it comes to that but the question is really from our reporting, does ubs have the same risk appetite? there's some doubt and that in our reporting. going forward, we will see how that shakes out but it will be the markets that we call the shots on this. tom: both sides from a reporting ubs and credit squeeze pushing back on the idea they could combine as a result of this. bloomberg's oliver crook on the ground in zÜrich covering all things credit suisse. over in the u.s., wall street biggest lenders have thrown first republic a

"we cs snb liquidity support as not enough.eve the situation is about ongoing strategy in the franchise erosion. one, a complex change with limited details. two, limited outflows. although you today is still an issue. and three, wealth management historically delivery an average of 1.3 billion. in our view, the state is no longer an option. they offer a range of scenarios at jp morgan. here is one of the options. takeover scenarios. ubs is letting the leading candidate. tom: culturally it has got to be. it is not funny in zÜrich. it is a too town with a lot of private banks but there is a heritage few in the air. the majority share is including saudi arabia central bank money. they want to come in and acquire that air and that is what they thought they did with profitability. jonathan: we are at the stage when this is part of the conversation. do they really want to go to one month of the bank in switzerland or want to beef it up and have a combination? but this is all highly speculative stuff right now. christie's does not eve

when this began, they were still well capitalized the chairman of snb said this was a sign of fragility credit suisse. here are we are. the saudi vendor is backed by the saudi government and losing as much as $1 billion. >> hadley gamble, thank you for the update turning attention back to the deal and developments closer to home as regulators look to shore up confidence. first up is the community bank is agreeing to buy all deposits and loan portfolio of collapsed signature bank and 140 blap bra. the fdic is relaunching the sale of silicon valley bank and then asking regulators to extend the fdic emergency insurance deposits in the next two years to boost confidence. and late sunday, despite the cash influence, snp is dow dowgrading again let's take this together with stephen biggar and steve sk scouten. >> thank you for having me. >> right now, stocks are lower in the pre-market. we see the reaction for credit suisse and ubs this deal was supposed to shore up the global financial sector why aren't we seeing a better response >> there were with worries of how bad credit suisse was. the

into positive territory in terms of the european trade on credit suisse shares let's talk about the snb before i talk about the central bank stepping in with this $54 billion lifeline, let's mention the saudi national bank because the snb saudi national bank is an anchor investor in credit suisse and bought into the bank as part of last year's major restructuring announcement now, in part, the selloff we saw yesterday was about the fact that the saudi national bank chairman was asked about providing further support for credit suisse. he said a couple of things he said no, we're not going to do that for regulation reasons holding is below 10% if they lifted it, it triggers regulatory oversight from the swiss authorities which they don't want he said no, we're not going to take a further stake he also said he didn't think it was necessary. it was unwarranted in his terms because there was no problem with the balance sheet of credit suisse that is the conundrum here we know credit suisse at the fourth quarter which i was in zurich to report had a ratio over 14% the liquidity capital ratio,

point, i think credit suisse by the next in the firing line and i think that is confidence that the snbas bought for the markets. it is only going to be temporary and it is only going to be temporary and it is only going to be temporary and it is only going to take as long as the any other witnesses to be found. we got to remember the confidence in the broader markets has been extremely shaken over the course of the last week and people going to be asking a lot more questions going forward. , , ., ., ., forward. lets see if we are going to net an forward. lets see if we are going to get any more _ forward. lets see if we are going to get any more answers. _ forward. lets see if we are going to get any more answers. he - forward. lets see if we are going to l get any more answers. he mentioned other situations that are in the spotlight, the european central bank in frankfurt. there are big questions over its interest rate decision. barring because for the 20 countries that use the euro currency that were expected to rise sharply. where that crisis now rattling the banking industry whethe

the crisis is one of liquidity and confidence and the snb's liquidity backstop, to a very large extentddresses that thing. francine: thank you so much, as always. ven ram from bloomberg mliv. let's bring in professor at the london institute of banking and finance. thank you for joining us. it's pretty incredible what we lived through yesterday with credit suisse. i guess it raises the risk of a bank lending crunch that could tip economies into recession. what do you see as the most vulnerable in the banking system today? >> i think the swiss national bank has served the purpose of handing a stabilizing effect at the moment. the question is whether the market accepts that. credit suisse's problems have been stabilized or this is just a sticking plaster for a problem asterisk going to continue. -- and that's just going to continue. one of the issues this brings up is some regulatory unintended consequences. we saw this with deutsche bank if you years ago. credit suisse's shares fell. when it's shares fell, bail in bonds fell in value. if you are an investor in those bonds, which are gene

the snb says its priority is restoring the stability of the swiss banking system. >> the credit suisse is much smaller, given the fact that ubs will take over credit suisse. we have a stable banking system in switzerland. obviously, there is some uncertainty on the global scale. that is what we have to continue to follow very closely and observe it very closely to see what is the impact on the swiss situation. su: global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. heidi: the collapse of silicon valley bank has created a void for start ups of all kinds, especially those owned by women and minorities. oh the funding gap is set to widen. we have an entrepreneur in residence at the university of michigan who joins us now. we know that with the collapse of silicon valley bank, there was really a void in terms of the very unique role that it played within starter culture. how does this affect women startup founders, people of color? we know that gap in terms of their businesses getting funding was alre

the snb dropped 66.iting to news the federal reserve is raising interest rates by an third quarter point. restaurants is dealing with the damage caused by burglars for the second time in less than a week. surveillance cameras at everett and jones barbecue captured video of the crook kicking the door into the office. the same thing happened at the same location early monday morning as we reported leading one of the under is to deliver a grim warning to other businesses in the area. >> they are coming for your safe. your money is not even safe there. i would not say take it out of there but find a creative way of hiding your money. if you have not been hit you will be hit. >> it is unclear how much cash was taken during both break-ins. a treasured restaurant in the bay area. a trial date is on the books for the man charged with attacking nancy pelosi's husband. the trail set to start october 23 but his public defender once a change of venue. that hearing is to get -- is set for may 30. he is charged with b

the $30 billion cash infusion will not solve the liquidity problems snb sl-- s&p slashed to 3 plus it is hard to read if that is a b minus or plus. >> i didn't see it >>> coming up on the show, the bank of france governor says french banks are solid and stable as he applauds the takeover of credit suisse. we'll have more after the break. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it gir

european central bank and snb in switzerland asserting confidence in the banking sector.t suisse and ubs merger is not enough to contain the stress in the banking sector. frank. >> a lot of red on the board, julianna. thank you very much. >>> turning attention to the oil market. prices are falling today following yesterday's losses and it may continue to sell in the equities market. the move coming a week before the next opec plus meeting on april 3rd. the group is sticking to at agreement to keep reducing output p. if wti and brent keep falling, will opec reverse course? let's bring in helima croft. helima, great to see you. >> thank you for having me on, frank. >> we see wti below $70 a barrel. what does it mean? >> this is not unexpected. the white house indicated previously that they would commence buying back for the spr at $67 to$72 range. i think that is adding to the oil pressure. i don't think this was widely unexpected. the white house is in not looking to go this year. >> you came back from europe with a big gathering of the brightest minds with oil. we touched

seriously they stand ready with measures if they are needed to put any liquidity into the system with the snb relative to credit suisse, of course. i'm not surprised to see the 50 basis point rise from the ecb. i suspect it was the right move. i think everyone has drawn parallels to 2007 and pre-failures and that hike into the prices think this is something slightly different. the banking sector is in a much better space than it was there i think ecb was trying to express that i think it was the right move and the market is reacting in the right way because inflation is still there and we still need further rate hikes to come through. >> you make such an interesting point about the ecb. the markets really saying if the ecb is happy with the state of the banking sector and market turmoil and they are confident and they have access to the data and they have been having conversations with the key banks in europe, then why shouldn't we be confident taking this to the fed the question is if the fed shows a new cautiousness at its meeting next week, would that be taken badly by the market? cautious

this is a setback for snb at the moment. we see stocks react to the news down about .1% in the first three minutes of trade. hamed who has been with saudi national bank for many years takes over as the new chairman. also, in terms of impact on the company itself, saudi national bank, this credit suisse check that they wrote his less than 2% of its market capitalization, but this is about credibility and resetting the tone, fran. francine: thank you so much. use of their on the very latest from the chairman of credit suisse's largest shareholder now resigning he is saying for personal reasons. tom: that is the hangover from credit suisse being put in the rearview mirror. let's check in on the banking space. deutsche bank loss plus 8% on friday. cbs jumping as well. deutsche bank is getting more than 5% in the first few minutes of the open. let's check in and bring that stock into play. across the context, the banking sector in europe has lost around 18% in the last two weeks. citi describing the deutsche bank selloff as a rat

the bank -- the backstop being provided by the snb does not address the underlying equity concerns facedlender. haidi: let's get you the first word news now with su keenan. su: former los angeles mayor eric garcetti will become the next u.s. ambassador to india, after winning a long-delayed vote process in the senate. 's nomination was delayed by nearly two years over concerns about the way he handled the sexual harassment case during his time in office. a handful of democrats argued he was handled. the u.s. is accusing the exiled chinese billionaire of fraud, conspiracy and money laundering. prosecutors in new york said that go cheated thousands of victims out of billions of dollars through fake businesses and investment opportunities. his financial advisor is also included in the charges. go is an associate of former trump advisor steve bannon, and has been living in the u.s. since 2015. and in pakistan, courts suspended operations to arrest former premier imran khan at his home. police will comply with the court/orders and pause his arrest until 10:00 a.m. thursday. an islamabad court

the fed, the bank of england, snb this weekend.good view of what is happening in the financial system. there is this question as to whether or not the market may take a pause by the fed as a signal the fed is more worried than the rest of us are about what is happening. how do you think the fed navigates that? sree: i think it is a difficult situation for the fed. there -- there has been for many months now a difficult battle, a trade-off between managing inflation, bringing inflation down, anchoring inflation expeditions and the growth side of the story, weakening growth. we have had for a number of months, since june, a call, a base case forward session. we have called that, the fed kills the cycle as our base case. that is because everything we are seeing at the moment is unfortunately art of the process towards a recession. i know there is a focus on banking crisis, but we think these are steps towards ultimately a reception -- recession later this year. alix: to that point, many have been writing on goldman sachs talking about

go from here this is speculation mounting that we could see the swiss government get involved, the snb because letting credit suisse obviously head into trouble from here would be a devastating thing to happen to switzerland and given its financial center for the world, they are likely to want to avoid that, and then, of course, there is the option that we could see credit suisse become a takeover target ubs, wisp likely seen as the acquirer of credit suisse, the ceo of ubs says our strategy is organic and we're focused on ourselves when asked about a potential takeover of the swiss lender >> that tells you. juliana, really appreciate it. thank you so much today. >> all right, as credit suisse joins silicon valley and signature on the list of troubled banks, the question is whether more will join them. joining us now to talk about the banking crisis and the ripple effect in the market, senior markets commentator mike santoli and cnbc.com banking reporter hugh san here with us in the studio at root, what's fundamentally the problem with credit suisse. >> tyler, investors have woken to t

market supervisory authority, finma, and the swiss national bank basically saying, if necessary, the snb is going to provide credit suisse with liquidity that's sort of the announcement that you would be waiting for and alluded to at the very beginning of our conversation, right? >> that would be what i would expect, and it's not all that i would expect, but i just wasn't -- didn't go into this, scott, thinking there was going to be a taxpayer bailout of credit suisse. i would think there would be other things that happened with credit suisse. for example, things that have been thought about would be some form of recapitalization, additional capital put into the company, but i don't know if this is more or less than the market expects here. i'm trying to read these headlines as they come through here, and all i see is the "if necessary," which is interesting that they don't think it's necessary right now. >> although, you know, and that's what we discussed earlier. they say, you know, well, by monday, there could be a broader decision we're going to see whether -- you know how the market

so things are looking pretty hairy yesterday but as you will have been saying, the snb, the swiss nationalmmediate risks have been dealt with. ., ., ,, ., . ., with. how do we assess how much at risk other banking _ with. how do we assess how much at risk other banking institutions - with. how do we assess how much at risk other banking institutions are - risk other banking institutions are globally? i5 risk other banking institutions are aloball ? , ., ., , globally? is one of those things that is very _ globally? is one of those things that is very hard _ globally? is one of those things that is very hard to _ globally? is one of those things that is very hard to put - globally? is one of those things that is very hard to put a - globally? is one of those things that is very hard to put a very i that is very hard to put a very clear objective measure on. it's fair to say that credit suisse stood out as the weakest of the major european banks. its share prices have been under pressure for years, it was down under 18%. so there were no problems hiding in plain sight, to that extent it's re

the snb says they want to restore the credibility of the swiss banking system. >> it is much smootherct that ubs will take over credit suisse, so this will be solved and we have a stable banking system. obviously, there is uncertainty on the global scale. we have to continue to follow that very closely, observe it closely, and see what the impact is on the swiss situation. su: north korea says kim jong-un has overseen tests of weapons designed to test nuclear weapons against the u.s. and its allies. according to state media, the arsenal includes an underwater drone that could create what it calls a radioactive tsunami. north korea has also warned unprecedented response for its biggest -- the bank of england pushed ahead with another interest rate increase. the u.k. economy will avoid a recession for now. the central bank raised its benchmark by a quarter-point, leaving the door open to further increases. governor andrew bailey is seeking to keep a lid on prices amid all the unsettle meant in the financial markets. global news powered by more than 2700 journalists and analysts in more

we saw that the snb, the swiss regular came out and said it would be ready to backstop liquidity for the bank if needed. it made a few points. it did not see direct contagion. as per liquidity capital ratios the bank was meeting those. it raises questions, whether the swiss are able to provide the kind of liquidity that credit suisse would need and whether this does have contagion effects for the board of european and banking system and beyond. haidi: the u.s. treasury has a reviewed exposure for banks. sally: that's right. we saw some of the big banks like j.p. morgan, bank of america and citigroup. they have been, over the past few months, reducing their exposure to credit suisse. they have also seen, as you would expect, increased inquiries from u.s. regulators about this exposure. they're extremely worried about the u.s. banking system at the moment. we had the collapse of three banks in less than a week, silicon valley bank, signature bank, and silver gate, the crypto lender. there were extreme -- they are extreme high alert for signs of weakness. moody's also downgraded from st

transformation plan is what the head of the saudi national bank said gets confusing between the two snbsswiss and saudi. >> the two-year is under 4%. >> that rapid move from less than a week ago, where were we on the two-year? >> 5.12%, somewhere around there? >> we've never seen a move like that >> that's good again to brang br bring up larry fink. you bought a common stock at 5%, wow, you made a big move >> a very big move >> look, i have -- i'm only allowed to own treasuries, and i want to sell the treasuries that i have bought last week because i was worried about the bank i was in, because it's just a big hit. you're not supposed to make money on the two-year. that's not supposed to happen. and these moves are hurting someone. someone is, like, on the other side of these trades >> yeah. we talked earlier in the week about hedge funds or whomever was short or levered short >> leveraged short so, we don't know yet. we do know that this incredible attempt to be able to say that you should buy these regionals, we have great cfo counsel, fantastic dinner last night, where a lot of the cf

it's expanding these swap lines and everything else does i change what happens >> basically, to the snbthe swiss national bank, to get the dollars sbot into the something there. according to a u.s. official, the treasury was involved here over the weekend, treasury secretary yellen spoke to her counterpart in switzerland on friday when it became clear that something was going to have to get done, that what they were doing on the liquidity was not working enough remember, there were concerns about counterparties restricting trades >> that, to me, was the end here when i was starting to hear that on thursday, we talked about it on friday, it was unclear what was going to happen, but what was becoming clear is it wasn't going to survive in part because of counterparties pulling back that was the last straw for the swiss nationalist bank and the swiss government important to note here that ubs has complete freedom in terms of pursuing those cost-cutting programs >> layoffs >> as it chooses to do so. i mean, if you're going to get to $8 billion in savings on a run rate by 2027, you can imagi

futures a little wobbly overnight with the ecb on deck in a few minutes the snb lifeline to credit suisseyellen on the hill, goldman raising its recession odds and a mixed bag of data today. our road map begins with credit suisse, the embattled lender receiving a lifeline from the swiss national bank. >> the ecb is due out with its decision on interest rates at 15 minutes past this very hour. >>> and here back in the u.s., treasury secretary yellen is heading to capitol hill, set to tell a senate panel the u.s. banking system remains sound >>> let's dive into cs this morning, borrowing nearly $54 billion from the swiss national bank after touching that all-time low in yesterday's session. the company out with a press release saying, "credit suisse is taking decisive action to preip preemptively strengthening its liquidity. this additional liquidity would support credit suisse's core businesses and clients as credit suisse takes the necessary steps to create a simpler and more focused bank built around client needs. jim? >> well, i mean, dave was saying yesterday, david on the "today" show

with the largest collapse in the us financial sector, bank stocks collapsed due to fears that in the snbicans, the head of the white house requested to pass the budget for 24 year 6 billion dollars to support ukraine, but he attracted more attention by calling donald trump the future president of the united states . true, he crossed himself at the same time. demonstrators in georgia demanded the resignation of the government and the holding of snap elections. on thursday. in the evening, a thousand people again gathered in front of the parliament building to demand the release of all those detained during the rallies held the previous day and the appointment of a meeting for the final withdrawal of the law on foreign agents. both demands were met by the opposition. she promised to resume protests today. in spain court workers are on strike. they took to the streets. madrid with demands for a salary increase of 700 euros per month, an indefinite protest of legal secretaries and lawyers. they started at the end of january according to their data for the past month. they have suspended almo