Banking system ‘safe’ says Downing Street – but job losses loom at Credit Suisse

Credit Suisse employs around 5,500 people in the UK

Jobs at Credit Suisse’s UK office could be at risk after the sale of the Swiss bank to bigger rival UBS (PA Wire)

Britain’s banking system remains “safe”, Downing Street insisted on Monday amid turmoil on the FTSE100 following the emergency rescue deal for Credit Suisse.

“As the Bank of England has said, we believe the banking system remains safe and well capitalised,” said a spokesman for the prime minister Rishi Sunak. “We have a strong regulatory system.”

The FTSE 100 dropped by almost 2 per cent to its lowest since November, dragged down largely by bank stocks, but later recovered to positive territory.