Banking stocks resume bleeding as worries intensify over a major European lender's balance sheet and investors ponder what another big rate rise will mean for banks across the euro area.
Investors took the the hills with the European banking index down by almost 6%, leaving it on course for €120bn of losses since the crisis of confidence began.Read more:In London, the FTSE 100 was trading 2.5% down by late morning with financial stocks enduring the worst of the pain.4:41Its largest shareholder, Saudi National Bank , said it would not buy more shares on regulatory grounds as it would take its stake above 10%.
A string of scandals have undermined the confidence of its investors and clients, with Credit Suisse customer outflows in the fourth quarter rising to more than 110 billion Swiss francs SNB said it was happy with Credit Suisse's turnaround plan and did not think it would need more money. That was despite its annual report for 2022, released earlier this week, admitting that"material weaknesses" in controls over financial reporting had been identified and customer outflows had not yet been stemmed.
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Credit Suisse shares sink after top shareholder rules out more funding\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
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Credit Suisse finds ‘material weaknesses’ in financial reporting controls\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
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