Credit Suisse shares hit new all-time low as banks hit by U.S. fallout

Credit Suisse shares hit a new all-time low in early trading on Friday as the European banking sector suffered the fallout from a sharp sell-off in U.S. financial stocks.

The embattled bank's stock fell to 2.463 Swiss francs on the Swiss Market Index amid the sell-off.

Rival UBS was down 4.7% as European banking stocks headed for their largest one-day fall in nine months.

Europe's STOXX banking index was down 4.2% and set for its biggest one-day slide since early June, with declines for most major names including HSBC down 4.5% and Deutsche Bank off 7.9%