Tokenization is spreading fast. Regulated finance is finally embracing blockchain technology just as most cryptocurrencies stand revealed as overleveraged Ponzi schemes. The institutional herd is moving, but can the blockchains they are shifting onto bear the load?

Credit Suisse came out of the global financial crisis in better shape than many peers. But fragility was never far away – in the years that followed its fortunes would swing back and forth, sometimes violently. Here is the bank’s route to 2023, explained through Euromoney’s own coverage.

The decision by its Japanese owners to relist ARM, the UK’s great technology success story, in the US instead of London was inevitable after years of decline and the hammer blow of Brexit. Deregulation might further accelerate its collapse, even as the City wins a boost from new technology bringing the vast pool of retail money into equity capital markets.

Bankers have been at pains to stress how different the world is today from the dark days of 2008: higher capital; more liquidity; lower credit risk and all that. But while individual banks may be safer than they were, collectively they arguably now face a worse existential crisis. Societies face awkward questions about how they value the utility of the banking sector – and how they should pay for it.

The Credit Suisse deal may have merely accelerated Hamers’ anticipated departure.

Commercial real-estate losses will not greatly damage big banks in Europe, but the banks themselves could inflict real damage to commercial real estate.

The failure of venture capital’s favourite bank is bad news for a sector reliant on new injections of cheap capital to sustain loss-making growth.

What will UBS’s post-merger sustainable finance strategy look like?