With the impending bank failure of Credit Suisse today, former FDIC Head William Isaac said that more small banks are likely to follow.
Headquartered in Zürich, Credit Suisse maintains offices in all major financial centers around the world and is one of the nine global “Bulge Bracket” banks providing services in investment banking, private banking, asset management, and shared services. It is known for strict bank–client confidentiality and banking secrecy.
The stock market took a tumble down 700 points earlier today, before rebounding late in trading.
Investors and depositors are now migrating to larger banks in fear of more small bank failures.
Will this affect the small banks in Horry County?
Most investors say that is not likely to happen at this time.
Volatility is the key word for the moment, however.
As the Federal Reserve continues to raise rates, volatility in the market continues to be affected. No one is really certain if the Feds will raise interest rates next week or not.