Credit Suisse leads a rout in European bank shares on Wednesday, March 15, as its largest investor says it cannot provide more financial assistance because of regulatory constraints.
Earlier, Credit Suisse shares led a 7% fall in the European banking index, while five-year credit default swaps for the flagship Swiss bank hit a new record high.
One source said, however, that they saw Credit Suisse’s problems as specific to that bank, rather than being systemic. The US Treasury is monitoring the situation around Credit Suisse and is in touch with global counterparts, a Treasury spokesperson said.
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