Lessons from the 2023 banking turmoil – Executive Summary

The banking turmoil that started in March 2023 was the most significant period of banking stress since the Great Financial Crisis that began in 2007. Credit Suisse, a Swiss global systemically important bank, along with three regional banks in the United States, with total assets exceeding USD 1 trillion, were either shut down, put into receivership or rescued. These failures triggered a crisis of confidence in banks…