Quick Take
Credit Suisse share price hits a record low — $1.96, a pre-market low of over 20%.
The problem for Credit Suisse is that it cannot cover deposit flights and borrow money in the markets.
According to Bloomberg: This comes after Credit Suisse top shareholder rules out providing more financial assistance to the struggling bank.
In addition, Credit Suisse identified “material weaknesses” in its reporting and controls procedure.
Customer outflows for the fourth quarter amounted to over 110 billion Swiss Francs.
Trading halted for French banking group BNP Paribas after the stock plunged 8%
FTSE 100 is down over 2%
Credit Suisse share Price: (Source: Yahoo)FTSE 100 Share Price: (Source: Google)BNP Paribas Share Price: (Source: Google)
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