Battered shares of Credit Suisse lost more than one-quarter of their value Wednesday, hitting a record low.
Grey clouds cover the sky over a building of the Credit Suisse bank in Zurich, Switzerland, on Feb. 21, 2022.
With concerns about the possibility of more hidden trouble in the banking system, investors were quick to sell bank stocks on bad news.Other European banks took a battering as concerns spread about the sector: France’s Societe Generale SA dropped 12%, France’s BNP Paribas fell more than 10%, Germany’s Deutsche Bank was down 8% and Britain’s Barclays Bank was down nearly 8%. Shares in the two French banks also were briefly suspended.
Following an announcement in October, Saudi National Bank put in some 1.5 billion Swiss francs to acquire a holding in Credit Suisse of just under 10%. When asked if he would rule out government assistance in the future, he said “that’s not a topic. ... We are regulated, we have strong capital ratios, very strong balance sheet, we are all hands on deck, so that’s not a topic whatsoever.”
Andrew Kenningham, chief Europe economist for Capital Economics, described Credit Suisse as “a much bigger concern for the global economy” than the midsized U.S. banks that collapsed.
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