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Tuesday, October 3, 2023

Credit Suisse slump renews fears of global banking crisis

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Aljazeera reported that Shares in Credit Suisse have plunged and dragged down other major European lenders as fears about deeper problems in the world banking system have spread in the wake of bank failures in the United States.

Credit Suisse shares lost more than a quarter of their value on Wednesday, hitting a record low after the Swiss bank’s biggest shareholder, the Saudi National Bank, told news outlets that it would not inject more money into the bank, which was beset by problems long before the US banks collapsed.

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