At one point, Credit Suisse shares lost more than a quarter of their value, hitting a record low after the bank's biggest shareholder - the Saudi National Bank - told news outlets that it would not put more money into the Swiss lender, which was beset by problems long before the U.S. banks collapsed.
A day earlier, Credit Suisse reported that managers had identified “material weaknesses” in the bank's internal controls on financial reporting as of the end of last year. That fanned new doubts about the bank's ability to weather the storm. France's Societe Generale SA dropped 12% at one point. France's BNP Paribas fell more than 10%. Germany's Deutsche Bank tumbled 8%, and Britain's Barclays Bank was down nearly 8%. Trading in the two French banks was briefly suspended.
He noted, however, that the bank's “problems were well known so do not come as a complete shock to either investors or policymakers.” The Swiss National Bank declined to comment. The Swiss Financial Market Supervisory Authority did not immediately respond to calls and emails seeking comment. European finance ministers said this week that their banking system has no direct exposure to the U.S. bank failures.
More moves to keep the avg folks down
China has been cashing in on their US bonds. They're not done, it's going to spread to every American ally. How do you like war now
This is deliberate to push new digital currencies and control with the help of the media .. enjoy your 30 pieces of silver when you help to hang your industry
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: GlobalNational - 🏆 81. / 51 Read more »
Source: nationalpost - 🏆 10. / 80 Read more »