Though the US government support for Silicon Valley Bank (SVB) and Signature Bank, and the UBS buying Credit Suisse have calmed the nerves, the global banking crisis can have widespread impact for quite some time. The US witnessed banking failures earlier this month, leading to SVB and Signature Bank being taken over by the Federal Insurance Deposit Council and the SVB's UK business being acquired by HSBC. In a deal brokered by European regulators to stem the turmoil in the global banking system, banking giant UBS is taking over crisis-hit Credit Suisse.