Goldman Sachs Raises US Recession Odds to 35% Amid SVB Collapse

Goldman Sachs raised the chances of a US recession to 35% following Silicon Valley Bank's collapse and a dip in stock futures for large US banks. The collapse of SVB and Signature Bank's subsequent failure led to fears about the strength of financial institutions, causing a dip in stocks and shares in both the US and Europe. Credit Suisse had to borrow over $50 billion from the Swiss National Bank after shares hit all-time lows two days in a row. The financial crisis has affected four of the US's biggest banks: JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup.