CNBC: Credit Suisse shares tank after Saudi backer rules out further assistance
* Shares of embattled bank Credit Suisse hit another all-time low for a second consecutive day.
* edit Suisse’s biggest backer, Saudi National Bank, has said it won’t provide further financial help for the bank.
* Speaking to CNBC’s Hadley Gamble during a panel session in Riyadh, Saudi Arabia, on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future.
Shares of Credit Suisse on Wednesday plunged to a fresh all-time low for the second consecutive day after a top investor in the embattled Swiss bank said it would not be able to provide any more cash due to regulatory restrictions.
Trading in the bank’s plummeting stock was halted several times throughout the morning as it fell below 2 Swiss francs ($2.17) for the first time.
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WNU editor: WNU has been warning about Credit Suisse since last year .... Bank Giant Credit Suisse Says It Is Not Facing Collapse (October 3, 2022).
Credit Suisse is finished. The only thing that can save it now is a consortium of banks bailing them out (which I doubt), or the Swiss government stepping in. Bottom line. The bank will probably be saved, but it is going to be very costly and it is going to take years for Credit Suisse to recover.
Europe's Banking Crisis Worsening. Credit Suisse Shares Hit An All time Low
Credit Suisse shares plunge to record low as top shareholder rules out investing more – business live -- The Guardian
Credit Suisse shares plunge as bank fear widens -- BBC
Credit Suisse slides in Europe bank rout as SVB fallout grows -- Reuters
Credit Suisse CDS Reach Crisis Levels as Banks Rush to Buy Protection -- Bloomberg
Credit Suisse stock slump triggers close monitoring by regulators -- Reuters
Credit Suisse shares tumble to new record low as European banking sector reels -- Market Watch
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