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Financial shares fall as Credit Suisse becomes latest crisis for the sector
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cnbc.comIn this article Bank stocks were under pressure on Wednesday as the sharp drop of Credit Suisse rattled a segment of the market that was already reeling from two large bank failures in the past week.
Shares of the Swiss bank fell more than 27% after its biggest backer said it won't provide further financial support. Credit Suisse announced on Tuesday that it had found "material weakness" in its financial reporting process from prior years.
Other European banks also slid, including an 8% drop for Deutsche Bank. The move appeared to be hitting large U.S. banks as well.
Shares of Wells Fargo and Citi fell more than 4% each in premarket trading, while Bank of America dipped 3%. JPMorgan and Goldman shed more than 2%.
Read more on cnbc.comAbout this in other media
Swiss government suspends deferred bonuses at Credit Suisse fnlondon.com /1 week ago
'A financial banana republic': UBS-Credit Suisse deal puts Switzerland's reputation on the line cnbc.com /1 week ago
Credit Suisse’s fall gives rise to a new banking crisis fnlondon.com /1 week ago
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