Credit Suisse stock slumps to record low after Saudis rule out further funding

Switzerland’s second-biggest bank’s annual report identifies ‘material weaknesses’ in controls over financial reportingCredit Suisse CEO Ulrich Koerner in London, Britain, March 14 2023. Picture: HOLLY ADAMS/BLOOMBERG

Shares in Credit Suisse, which is battling to recover from a string of scandals that have undermined the confidence of investors and clients, were down about 17% in early afternoon trading, after shedding as much as 30% to a new record low. “The Credit Suisse situation is for the Swiss authorities to deal with,” Borne said in the French Senate.

Exane analysts said they saw a bailout by the SNB and financial regulator Finma, possibly with one or more other banks, as the “most likely scenario” facing Credit Suisse. Credit Suisse’s plunging stock price has reignited jitters among investors about the resilience of the global banking system after the collapse of Silicon Valley Bank last week.

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