Zurich, Frankfurt Credit Suisse stock plummeted on Wednesday. In the wake of this development, the shares of other European banks also lost and dragged the markets down overall. After the bankruptcy of the Silicon Valley Bank, this fueled fears that the banking crisis would spill over to Europe.
Credit Suisse shares temporarily fell 31 percent to an all-time low of CHF 1.55. The stock recovered somewhat in the late afternoon.
The price drop was triggered by the announcement by the major shareholder Saudi National Bank that it would not give any fresh funds to Credit Suisse. CEO Ulrich Körner assured: “Our capital and liquidity base is very, very strong.” But the doubts of the markets remained.
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