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Credit Suisse shares tumble to new low after SVB collapse

Shares in Credit Suisse hit a new all-time low on Monday, with shares in European and Asian banks retreating after the collapse of US Silicon Valley Bank.

Meanwhile, major US banks failed to sustain a brief pre-market rally after US authorities moved to contain the chain reaction.

Shares in Credit Suisse fell more than 12% to trade below CHF 2.20 ($2.41) a share earlier, lower than the previous low of CHF 2.41 hit on Friday. Shares are down nearly 20% for the year.

Last week, Credit Suisse announced the postponement of the publication of the annual report.

Europe’s STOXX banking index fell 5.7% after falling 3.78% on Friday, on course for the biggest two-day drop since Russia launched war on Ukraine in February last year.

Source: CNN Brasil

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