Major Swiss bank on the verge of collapse


Published 15 March 2023 at 11.59

Economy. Swiss Credit Suisse crashes on the stock market on Wednesday, while other major European banks fall heavily.

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At the time of writing, Credit Suisse has fallen by over 20 percent since yesterday, after six more days of red numbers on the stock market.

Overall, the stock is down a whopping 96 percent since its peak.

Today's rout comes after the bank announced that there “significant weaknesses” the own controls around the financial reporting.

Credit Suisse's largest shareholder, Saudi National Bank, announced at the same time that it is out of the question to inject more money into the business, according to Reuters.

< p>The share crash comes ironically after Credit Suisse's chairman Axel Lehmann came out and assured that the bank collapses in the US are local phenomena that will not spread.

Other European banks also fell heavily on the stock market on Wednesday. The Stockholm stock exchange is down three percent.

The bank crashes

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