Credit Suisse Appeals for Public Support as Shares Plummet

Credit Suisse has appealed to the Swiss National Bank and Swiss regulator, Finma, for a public statement of support after its shares plummeted up to 30%, triggering a wider sell-off in European and US bank stocks. Credit Suisse requested reassurance about its financial health, but neither institution has yet decided to intervene publicly. The steep decline in share prices followed the collapse of Silicon Valley Bank and the Saudi National Bank’s chairman ruling out providing Credit Suisse with further financial assistance. Credit Suisse’s market capitalization slipped below CHF 7 billion ($7.6 billion) despite having raised CHF 4 billion in capital just a few months ago. As of Wednesday afternoon, Credit Suisse’s shares were down 17%.