Black Wednesday? Credit Suisse stock nosedives 78% from 1-year high, sparks $60 bn rout in European banks
Investors are dumping Credit Suisse's share price after its biggest backer ruled out the possibility of aiding the troubled Swiss bank as a bigger shareholding could lead to additional regulatory hurdles. Also, the Swiss lender has come under regulatory radar, while questions have arose over its clients withdrawal.
It's a bloodbath in Switzerland-based global investment bank and financial services firm, Credit Suisse's share price. It almost gives the vibe of Black Wednesday as financial stocks have dragged broader European markets. The reason would be panic among investors as worries about growth prospects in the banking and financial sector escalate. Credit Suisse is the talk of the town right now in this sharp selloff. The firm's stock is not even worth 2 euros.
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