Credit Suisse Group AG stock fell over 30% on Wednesday . The banking sector is already under tremendous stress after Silicon Valley Bank’s collapse .
Credit Suisse stock started falling after its top investor ,Saudi National Bank refused to provide any more financial assistance .Saudi National Bank Chairman Ammar Al Khudairy said ,“We cannot because we would go above 10 per cent. It’s a regulatory issue.”
Markets are spooked by Credit Suisse news and this is dragging the whole banking sector in Europe and US .
Shares of Swiss bank UBS fell 6.8 %
Shares of French banks BNP Paribas and Societe Generale fell 11 %
Shares of Spanish bank Banco de Sabadell fell 9%
Shares of Germany’s Commerzbank fell 10%
Shares of Deutsche Bank shares fell 8.4%
Shares of First Republic Bank fell 18%
Shares of PacWest Bancorp fell 11%
Shares of JPMorgan Chase & Co fell 4.9%
Shares of Bank of America Corp fell 1.9%
With banking stocks under tremendous pressure , it is expected to fall on Thursday too.
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