Credit Suisse stock triggers European trading pause after Saudi bank cuts support
Headline from UPI
Swiss bank lender Credit Suisse's stock plummeted Wednesday, dragging down European markets after the chairman of the Saudi National Bank said publicly that it would not increase its support.
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A stock plunge for the Swiss lender — long seen as the “weakest link among Europe’s large banks” — led investors to dump bank shares broadly, adding pressure on the financial sector after a pair of U.S. bank closures.
Swiss bank lender Credit Suisse's stock plummeted Wednesday, dragging down European markets after the chairman of the Saudi National Bank said publicly that it would not increase its support.
By Mark Thompson and Anna Cooban, CNN Switzerland’s central bank said Wednesday it was ready to provide financial support to Credit Suisse after shares in the country’s second biggest lender crashed as much as 30%.
Credit Suisse tanked after its largest investor said it couldn’t provide more financial assistance. Banks in the U.S. and Europe were slammed on the news.
Banking authorities in Switzerland released a statement on Wednesday pledging to provide Credit Suisse with financial support if necessary as doubts rose about its viability.
