Credit Suisse shares tumble, fueling more concerns about banking
CBSN
Credit Suisse shares tumbled to an all-time low on Wednesday, stoking fresh jitters over the health of the broader banking sector following the collapse of two U.S. banks.
The Swiss bank's stock was down 20% as of 2:29 p.m. Eastern time trading at $2 per share. The stock plummeted just hours after Credit Suisse's top shareholder, Saudi National Bank, ruled out increasing its stake in the bank due to limitations imposed by regulators from the various jurisdictions overseeing its investment.
"If we go above [a] 10% [stake], all new rules kick in whether it be by our regulator or the Swiss regulator or the European regulator," Saudi National Bank Chairman Ammar Al Khudairy told Bloomberg TV on Wednesday. "We're not inclined to get into a new regulatory regime."
