First Republic Bank shares have dropped by a record 67 percent, leading to a trading halt. Signature Bank has also become the latest victim of banking turmoil, following the closure of Silicon Valley Bank.
The Swiss financial regulator is now trying to identify any potential contagion risks for the country's banks and insurers following the collapses of these two banks.
Meanwhile, U.S.-based crypto firms are trying to open Swiss bank accounts after the collapse of two U.S. crypto-focused banks made it harder for them to use lenders in the United States. However, Swiss bankers have said that these firms may not be able to obtain accounts with them.