Insights

After US banks fail, contagion heads to European banks – banks halted on exchange

Quick Take

  • Credit Suisse share price hits a record low — $1.96, a pre-market low of over 20%.
  • The problem for Credit Suisse is that it cannot cover deposit flights and borrow money in the markets.
  • According to Bloomberg: This comes after Credit Suisse top shareholder rules out providing more financial assistance to the struggling bank.
  • In addition, Credit Suisse identified “material weaknesses” in its reporting and controls procedure.
  • Customer outflows for the fourth quarter amounted to over 110 billion Swiss Francs.
  • Trading halted for French banking group BNP Paribas after the stock plunged 8%
  • FTSE 100 is down over 2%
Credit Suisse share Price: (Source: Yahoo)
Credit Suisse share Price: (Source: Yahoo)
FTSE 100 Share Price: (Source: Google)
FTSE 100 Share Price: (Source: Google)
BNP Paribas Share Price: (Source: Google)
BNP Paribas Share Price: (Source: Google)

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