The Week in Numbers: banking on a bailout
STORY: From how Credit Suisse roiled global stock markets, to why that didn’t stop the ECB from raising rates again, this is the Week in Numbers.
Up to $54 billion is how much Credit Suisse is borrowing from the Swiss central bank to prop up its finances.
The lender has been battered by a string of scandals, and this week admitted there were problems with its past financial reports.
Worries over its survival followed the collapse of Silicon Valley Bank in the U.S., sparking a worldwide crash for bank shares.
$30 billion was how much major U.S. banks put together later in the week to support troubled smaller lender First Republic.
Together with the Credit Suisse rescue, that calmed markets, but American Action Forum’s David Wade says the moves also raise the question of whether any bank is now allowed to go under:
“I'm worried that we're moving to a position where it's no longer "Too Big to Fail" and has somehow become "Too Bank to Fail."
Half a percentage point was the rate hike from the ECB on Thursday.
Some had thought the market turmoil would cause it to hit pause, but bank chief Christine Lagarde says rising prices left her no choice:
"Inflation is projected to remain too high for too long.”
$43 billion is how much Pfizer will pay to take over cancer-drug maker Seagen.
It hopes the deal will give it new revenue as a health-crisis era boost wears off.
And just over $161 billion was the record annual profit posted by Saudi oil titan Aramco.
Like other oil majors it’s benefited from higher energy prices as a result of the conflict in Ukraine.
Its profit dwarfs even the $56 billion made by Exxon last year.