Turbulence across the banking sector has prompted the question of whether we are teetering on the edge of another financial crash, 2008-style. But a banking crisis today would look very different from 15 years ago thanks to social media, online banking, and huge shifts in regulation.
This is “the first bank crisis of the Twitter generation,” Paul Donovan, chief economist at UBS Global Wealth Management, told CNBC earlier this month, in reference to the collapse of Credit Suisse
Shares of Credit Suisse dropped on March 14 after “material weaknesses” were found in its financial reporting. The news started a tumultuous five days for the lender, which culminated in rival Swiss bank UBS agreeing to take over the beleaguered firm.