Economy

Credit Suisse shares tank after Saudi backer rules out further assistance

CNBC By Sam Meredith, Elliot Smith and Hannah Ward-Glenton,
Tags
Global Economic Collapse
Bank Run
Saudi Arabia

Shares of Credit Suisse on Wednesday plunged to a fresh all-time low for the second consecutive day after a top investor in the embattled Swiss bank said it would not be able to provide any more cash due to regulatory restrictions.

Trading in the bank’s plummeting stock was halted several times throughout the morning as it fell below 2 Swiss francs ($2.17) for the first time.

Swiss-listed Credit Suisse shares traded 19% lower at around 3:45 p.m. London time (11:45 a.m. ET), paring some of its earlier losses after dropping more than 30% at one point.

The share price rout renewed a broader sell-off among European lenders, which were already facing significant market turmoil as a result of the Silicon Valley Bank fallout. Some of the biggest decliners included France’s Societe Generale, Spain’s Banco de Sabadell and Germany’s Commerzbank