Troubles at Credit Suisse prompt broader market selloff

Fabrice Coffrini / AFP via Getty Images fileTroubles at the Swiss banking giant Credit Suisse spooked markets Wednesday, causing bank stocks to sell off after regaining some ground Tuesday.

Shares in Citibank were down as much as 5%, while Goldman Sachs, JPMorgan and Wells Fargo were each down roughly 4% Wednesday. Bank of America’s stock was trading about 3% lower. “Credit Suisse is not just a Swiss problem but a global one,” Andrew Kenningham, chief Europe economist at the Capital Economics research and consulting group, warned clients in a note Wednesday.

Traders work on the floor of the New York Stock Exchange as Credit Suisse stock futures fell during morning trading.Not only has the bank struggled with weak profitability in recent years, but it also said Tuesday that a recent stream of customers pulling their money outThat acknowledgment came at the same time that Credit Suisse said it had found “material weaknesses” in its financial reporting for 2021 and last year.

Then came black Monday 1929...

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