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Credit Suisse Ignites Global Market Rout as Banking Fears Return

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Published on
March 27, 2023
Credit Suisse shares plummeted 30% to a record low after Saudi National Bank ruled out further funding for the Swiss lender. Saudi Arabia's biggest bank, which invested $1.5 billion in Credit Suisse last fall, cited regulatory reasons for not increasing its stake. Credit Suisse experienced a series of missteps and compliance failures, leading to customer withdrawals and a net loss of nearly 7.3 billion Swiss francs ($7.9 billion) in 2021.
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