Credit Suisse shares plummet as Saudi supporter refuses additional aid

For the second day in a row, Credit Suisse’s stocks hit an all-time low as a key investor announced that regulatory limitations prevented them from offering further financial assistance to the struggling Swiss bank.

The bank’s plummeting stock experienced several halts in trading during the morning, as it dropped below 2 Swiss francs ($2.17) for the first time, CNBC reported.

At approximately 3 p.m. London time (11 a.m. ET), shares of Credit Suisse listed on the Swiss exchange were down 17%, having reduced some of their earlier losses. Previously, the shares had dropped over 30% at one stage.

The sharp decline in share prices triggered a renewed wave of selling among European lenders who were already grappling with significant market turbulence due to the Silicon Valley Bank crisis.

"Credit Suisse shares tank after Saudi backer rules out further assistance"
READ MORE: https://www.cnbc.com/2023/03/15/credit-suisse-shares-slide-after-saudi-backer-rules-out-further-assistance.html

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