Financial shares fall as Credit Suisse becomes latest crisis for the sector

Posted 11 days ago


Bank stocks were under pressure on Wednesday as the sharp drop of Credit Suisse rattled a segment of the market that was already reeling from two large bank failures in the past week.

Shares of the Swiss lender fell nearly 20% after the chairman of its biggest backer — the Saudi National Bank — said it won’t provide further financial support, even though it sees Credit Suisse as a strong bank and is happy with its turnaround plan. Credit Suisse announced Tuesday it had found “material weakness” in its financial reporting process from prior years. Other European banks also slid, including a 9% drop for Deutsche Bank..... (Read more)