![]() ![]() Soon after, a crisis in confidence claimed Swiss giant Credit Suisse, with UBS agreeing to buy its rival in a deal arranged hastily by regulators. What started as a crisis in a medium-sized bank in California in early March rocked the wider US banking system and sent shockwaves across the world. But after the turmoil in global banking of the past few weeks, some finance veterans have a sense of déjà vu. “We shouldn’t be surprised, but we need to do a better job.”Īt the time, the remark from one of the America’s top bankers raised eyebrows, with commentators saying it was flippant. “Not to be funny about it, but my daughter asked me when she came home from school, ‘What’s the financial crisis,’ and I said, ‘Well, it’s something that happens every five to seven years,’” Dimon told a congressional inquiry in 2010. ![]() In the wash-up from the global financial crisis, the chief executive of US banking giant JPMorgan Chase, Jamie Dimon, said such shocks were actually not that rare.
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