Credit Suisse shares tank after Saudi backer rules out further assistance
Publishing timestamp: 2023-03-15 15:46:34
Summary
Shares of Credit Suisse hit another all-time low as its biggest backer, Saudi National Bank, said it would not provide further financial help due to regulatory restrictions. Credit Suisse's CEO defended the bank's liquidity basis, saying it is "very, very strong," but investors are still assessing the impact of the bank's disclosure of "material weaknesses" in its financial reporting processes. The share price rout renewed a broader sell-off among European lenders, including Societe Generale, Banco de Sabadell, and Commerzbank, while several Italian banks were subject to automatic trading stoppages.
Sentiment: NEGATIVE
Tickers: BMPS-IT, UCG-IT, CSG.N-CH, 0RLS-GB, GLE-FR, SAB-ES, CBK-DE, 0QP5-GB,
Keywords: business news, breaking news: europe, investment strategy, banks, financials, credit suisse group ag, commerzbank ag, wall street, switzerland, banca monte dei paschi di siena spa, markets, unicredit spa,