Credit Suisse shares plummet as Saudi investor withdraws support.
TL;DR Summary
Credit Suisse shares fell over 20% to a record low after the Saudi National Bank, its biggest backer, ruled out providing any more funding for the Swiss lender. The bank has been hit by a series of missteps and compliance failures over the past few years that have damaged its reputation with clients and investors, and cost several top executives their jobs. Customers withdrew $133bn from Credit Suisse last year, and the bank reported an annual net loss of $7.9bn, its biggest since the global financial crisis in 2008.
- Credit Suisse shares crash as Saudi investor rules out more funds CNN
- Credit Suisse shares tank after Saudi backer rules out further assistance CNBC
- Credit Suisse shares hit record low Fox Business
- Credit Suisse's biggest backer says can't put up more cash; share down by a fifth Reuters
- Silicon Valley Bank's collapse a 'warning signal' to banking system: Credit Suisse chairman CNBC International TV
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
3 min
vs 4 min read
Condensed
87%
673 → 89 words
Want the full story? Read the original article
Read on CNN