Falling European Stocks, U.S. Bank Crisis Fears
A record drop in shares of Swiss banking giant Credit Suisse on Wednesday stoked fears of a possible banking crisis.
U.S.-listed shares in the global investment bank plunged more than a quarter after the bank’s biggest shareholder – the Saudi National Bank – said it would not inject more cash into the bank.
The Financial Times reported that Credit Suisse had appealed to the Swiss National Bank for a public show of support, citing people familiar with the matter.
At the close of trading in Europe on Wednesday, Credit Suisse’s share price was down 24%, having rebounded slightly from its lowest low for the day. It was trading at around €1.84 – compared with nearly €3 a share last week and more than €7.50 a share at the end of last March.
Source: DW
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