Financial shares fall as Credit Suisse becomes latest crisis for the sector
Publishing timestamp: 2023-03-15 17:53:10
Summary
Shares of Credit Suisse fell over 20% after its biggest backer, Saudi National Bank, said it would not provide further financial support. This caused a ripple effect, with other European banks and large and regional US banks also seeing declines in their stock prices. Credit Suisse's struggles, along with the recent failures of Silicon Valley Bank and Signature Bank, could lead to a broader reexamination of the banking system among investors. The combination of these issues could result in banks focusing more on firming up their balance sheets rather than lending, potentially leading to a contraction in credit extension. The fallout from the recent bank failures could also lead to more regulation and rising costs for the US banking sector.
Sentiment: NEGATIVE
Tickers: ZION, JPM, CSG.N-CH, WFC, BAC, GS, SIVB, WAL, SBNY, KRE, FRC, CS, C, PACW,
Keywords: svb financial group, citigroup inc, pacwest bancorp, wells fargo & co, business news, investment strategy, banks, goldman sachs group inc, signature bank, credit suisse group ag, first republic bank, jpmorgan chase & co, spdr s&p regional banking etf, bank of america corp, breaking news: markets, western alliance bancorp, markets, zions bancorporation na,