Trading Halted In Credit Suisse Stock After 20 Percent Decline

Trading has been halted in troubled European bank Credit Suisse (CS) after its share price fell 21% to a new all-time low.

It was the second consecutive trading session in which Credit Suisse’s stock fell to new lows amid frantic selling of the security.

The latest drop in the Swiss bank’s share price came after its largest investor, Saudi National Bank, said it could not provide Credit Suisse with any more financial assistance.

Specifically, Saudi National Bank said that a 10% foreign ownership threshold prevents it from taking a bigger position in Credit Suisse.

Credit Suisse’s stock has been in freefall since the Zurich-based bank announced that it is delaying the release of its annual report after U.S. regulators raised concerns about its financial reporting processes.

Specifically, the U.S. Securities and Exchange Commission (SEC) has requested changes to Credit Suisse’s consolidated cash flow statements for the years 2020 and 2019.

Credit Suisse’s stock has declined 67% over the past 12 months to now trade at $2.51 U.S. per share in New York.

Link

Another domino teetering.

This doesn't look good and at the risk of sounding like a doomer, folks should take notice and actions.

I find it interesting that the middle east has so much exposure to this bank.

Especially at a time when they are cozying up to China. But hey, that could all be coincidence....

a reply to: JinMI

Biden will bail that one as well.

AAAAAAHAHAHAHAHAHAHAHA-we're all doomed-HAHAHAHAHAHAHAHAHA

a reply to: JinMI

www.nytimes.com...

Biden Assures Americans: ‘Our Banking System Is Safe’
In a televised statement before the markets opened, the president said that deposits would still be available after the collapse of two major institutions and insisted that taxpayers would not bear the cost of any bailout.

a reply to: network dude

I can say with some confidence that when the term "our" is used, that has little to nothing to do with the American people.

"Our" democracy
"Our" infrastructure
"Our" banking system.....

Swiss National Bank (SNB) will provide a backstop for Credit Suisse:

The Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank have asserted that “the problems of certain banks in the USA do not pose a direct risk of contagion for the Swiss financial markets”.

In a joint statement, after a day of chaos in the financial markets, FINMA and the SNB say:

The strict capital and liquidity requirements applicable to Swiss financial institutions ensure their stability.

Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks. If necessary, the SNB will provide CS with liquidity.

Link

SNBN stock sits about 40% lower than it did one year ago.

www.marketwatch.com...

But whatabout the stress tests? ⚔️🚬☠️

a reply to: JinMI

What is the root cause of all this plunging, from a normie point of view? That is, logically plausible but not factually accurate?

a reply to: chris_stibrany

Overleveredged assets and derivates against increased borrowing rates.

Combined with the shaking of invester confidence resulting in reduced assets.

originally posted by: JinMI

Trading has been halted in troubled European bank Credit Suisse (CS) after its share price fell 21% to a new all-time low.

It was the second consecutive trading session in which Credit Suisse’s stock fell to new lows amid frantic selling of the security.

The latest drop in the Swiss bank’s share price came after its largest investor, Saudi National Bank, said it could not provide Credit Suisse with any more financial assistance.

Specifically, Saudi National Bank said that a 10% foreign ownership threshold prevents it from taking a bigger position in Credit Suisse.

Credit Suisse’s stock has been in freefall since the Zurich-based bank announced that it is delaying the release of its annual report after U.S. regulators raised concerns about its financial reporting processes.

Specifically, the U.S. Securities and Exchange Commission (SEC) has requested changes to Credit Suisse’s consolidated cash flow statements for the years 2020 and 2019.

Credit Suisse’s stock has declined 67% over the past 12 months to now trade at $2.51 U.S. per share in New York.

Link

Another domino teetering.

This doesn't look good and at the risk of sounding like a doomer, folks should take notice and actions.

I find it interesting that the middle east has so much exposure to this bank.

Especially at a time when they are cozying up to China. But hey, that could all be coincidence....

You pointed out what is being truthfully said here overseas that China is NOW using a financial war against the West. People say bj sold his sorry a$$ out to China, yet the CIA and FBI are protecting him, so that means the heads of them organizations have also sold out their stupid " chinese spider web trap " soul to them by seducing them with all the chinese whores, don't believe, well, I don't give a flying fk.

a reply to: musicismagic

Yes MIM, China is using every advantage they can. BRICS is not slowing down.

originally posted by: network dude
a reply to: JinMI

www.nytimes.com...

Biden Assures Americans: ‘Our Banking System Is Safe’
In a televised statement before the markets opened, the president said that deposits would still be available after the collapse of two major institutions and insisted that taxpayers would not bear the cost of any bailout.

Oh, so when he said "the buck stops here" what he meant was all fiat currency ends now that he's here.

And me without a bunker...

a reply to: JinMI

And what's the real reason?