Credit Suisse and Silicon Valley Bank are currently engaged in a fierce battle for the title of ‘bank most likely to collapse’. SVB has “reassured” customers that it is not at risk of a liquidity crisis, unless everyone withdraws at once, which is what everyone is doing. A bit like this. And CS is just doing more CS things like getting in trouble with regulators.

The lowdown

• 📉 Silicon Valley Bank in turmoil as VCs advise portfolio companies to withdraw funds and stock falls 60%.

• ❓ Credit Suisse delays release of its annual report after SEC queries prior financials.

• ⚖️ Ex-Goldman banker sentenced to 10 years prison for his role in 1MDB scandal.

Featured stories

WeightWatchers moves into prescriptions – The weight loss drug business part 2

On Monday, WeightWatchers announced that it was acquiring telehealth platform Sequence, which can prescribe medications like Novo Nordisk's Wegovy (discussed yesterday) and Eli Lilly's Mounjaro.

The $132 million acquisition can be seen as an expansion of WeightWatchers strategy which has traditionally focused on calorie counting and exercise. The company is now moving into the anti-obesity drug market which analysts predict could be worth $50 billion by 2030.

WeightWatchers’ stock surged on the news. The pharmaceutical companies currently placed to benefit most from the demand in anti-obesity drugs Novo Nordisk and Eli Lilly have also seen their stocks surge over the past year ($). They now trade at a significant premium to pharma peer Pfizer. Investors are expecting fat profits from the sector in general.

The content we're consuming today

• The Economist: How to stop the commoditisation of container shipping ($).

• The New Yorker: Biomilq and the New Science of Artificial Breast Milk ($).

• FT on YouTube: Private capital firms are targeting super-rich families and individuals.

Off-balance sheet items

As a busy finance person, you are probably always looking for ways to boost your productivity. Well check out Cal Newport’s books which argue that:

• Work accomplished = (Time spent) × (Intensity of focus)

• Work accomplished ≠ Time spent studying

The bottom line