Monitoring Credit Suisse situation, says US Treasury
1 min read . Updated: 16 Mar 2023, 01:45 AM IST
PremiumCredit Suisse shares fell 24% in the biggest one-day selloff on record
The US Treasury Department Wednesday said it is monitoring the Credit Suisse situation, after Saudi National Bank— the biggest shareholder of the bank—ruled out boosting its stake and the stock fell 24% in the biggest one-day selloff on record.
Treasury Department spokesperson said department is not only reviewing the US financial sector’s exposure to bank but also is in touch with Federal Reserve and European regulators.
The Zurich-based lender's shares fell 24% in the biggest one-day selloff on record. Its bonds fell to levels that signal deep financial distress, with securities due in 2026 dropping 20 cents to 67.5 cents on the dollar in New York
The growing crisis at Credit Suisse has added to concerns about financial stability for global investors who are still on edge after the rapid-fire collapse of three regional US banks.
The Credit Suisse, which is in the middle of a three-year restructuring, has been struggling to contain deposit outflows.