Credit Suisse's Future Uncertain as Saudi Backer Withdraws Support

Credit Suisse's shares hit a new all-time low after its largest investor, Saudi National Bank, said it could not provide any further financial assistance due to regulatory restrictions. The bank's CEO defended its liquidity basis, saying it is "very, very strong," and that it fulfills and overshoots all regulatory requirements. The share price rout renewed a broader sell-off among European lenders, which were already facing significant market turmoil. Investors are also assessing the impact of the bank's disclosure of "material weaknesses" in its financial reporting processes for 2022 and 2021.