Credit Suisse Ignites Global Market Rout as Banking Fears Return
- Bank slumps 24% after top shareholder rules out investing more
- European stocks decline amid a selloff in global banks
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All it took was a few tough words from Credit Suisse Group AG’s biggest shareholder on Wednesday to spark a selloff that spread like wildfire across global markets.
Asked whether Saudi National Bank was open to further cash injections, Chairman Ammar Al Khudairy said “absolutely not.” It was a reminder about the precarious situation facing the Swiss bank just one day after its CEO, Ulrich Koerner, had sought to shore up investor confidence by pointing to signs of improvement in its business.