Credit Suisse shares plunge amid banking jitters
17 March 2023 |
12:31 pm
Shares of Credit Suisse have plunged to a record low, after its top shareholder declined to increase its stake. The slide has added to market jitters over the state of Europe's banking sector, although it's not directly related to the recent collapse of two American lenders. Also in the show: the UK government outlines its budget, as it tries to protect households and businesses from the ongoing cost-of-living crisis.
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Shares of Credit Suisse have plunged to a record low, after its top shareholder declined to increase its stake. The slide has added to market jitters over the state of Europe's banking sector, although it's not directly related to the recent collapse of two American lenders. Also in the show: the UK government outlines its budget, as it tries to protect households and businesses from the ongoing cost-of-living crisis.
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European markets have calmed down after Credit Suisse secured a lifeline of up to 50 billion Swiss francs from the country's central bank. The crisis is just the latest to hit the embattled lender, which has suffered a string of scandals and management issues. Jitters over the banking sector remain as the European Central Bank decides on the next rate hike.
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Global stock markets plunged as they opened to the news of the shotgun buyout of Credit Suisse by rival UBS. Swiss authorities had hoped the takeover will calm investors.
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Embattled bank Credit Suisse could be bought out by larger rival UBS, several media outlets reported. Politicians insist a European banking crisis is unlikely, but Swiss regulators reportedly want a deal before Monday.
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