The arranged marriage of UBS and Creduit Suisse prevented the collapse of the country's second-biggest lender by folding it into the largest.
Bankers around the world "never quite know where the next dominoes are going to fall" in the system, an economic historian says.
UBS bank's acquisition of Credit Suisse was an urgent attempt at preventing a global financial crisis, stoked by recent bank failures in the US.
Credit Suisse is one of 30 banks around the world deemed so crucial to the international banking system that they are thought to be too big to fail.
Two of the US' three biggest bank failures in history happened earlier this month.
The recent blowouts on the Lake Onslow scheme and Auckland's City Rail Link have raised questions about why costs become so eye-watering.
"We also expect to be able to pay a strong full-year dividend, in addition to our proposed capital return," chief executive Miles Hurrell said.
Fall follows slight economic growth in the second and third quarters last year of 1.9% and 2% respectively.
"Credit Suisse is not just a Swiss problem but a global one," one economist has remarked.
Market sentiment is for Stats NZ to reveal a mild contraction in Q4 2022 when the government body releases data on Thursday.
Broadly speaking, the country is living well beyond its means, which is filled by borrowing.
Former US Representative Barney Frank believes the state officials behind the action were trying to make an example of Signature Bank in a takeover.
Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the system.
The organisation's chief executive Kevin Lamb says the Government needs to target those most vulnerable.
Cyclone Gabrielle has made its impact on the housing market, according to new figures from The Real Estate Institute of New Zealand (REINZ).
The US government said New York-based Signature Bank has been closed over what they describe as a "systemic risk".
It comes after new stats showed the cost of food has soared.
The firm, known formally as the Saudi Arabian Oil Co, said in its annual report that the profit represented "its highest annual profits as a listed company".
Infometrics chief executive Brad Olsen says food production costs and weather-related disruptions will only reinforce pressures put onto suppliers.
There is growing controversy over the impacts of the millions of tonnes of discarded fast fashion clothing that ends up in the world’s landfills.