Credit Suisse shares close down more than 24 per cent, stoking fears of another bank collapse following the closing down of Silicon Valley Bank in the United States.
abc.net.au/news/credit-suisse-stock-slump-triggers-close-monitoring-by-regulator/102103296Credit Suisse shares closed down more than 24 per cent, stoking fears of another bank collapse following the closing down of Silicon Valley Bank in the United States.Credit Suisse shares slumped by as much as 30 per cent on Wednesday after its largest shareholder said it could not provide further support
Shares in the bank had slumped by as much as 30 per cent on Wednesday after its largest shareholder said it could not provide further support, prompting the Swiss bank's CEO to make new assurances on its financial strength. In a sign that regulatory authorities are tracking developments, European Central Bank officials contacted lenders it supervises to ask about financial exposures to Credit Suisse, a source familiar with the matter told Reuters, confirming a Wall Street Journal report.
Credit Suisse CEO Ulrich Koerner moved to calm nerves, saying the bank's liquidity base remained strong and was well above all regulatory requirements.
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