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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Stock Market Today: Dow Futures Drop 600 Points, Credit Suisse Stock Price Down 25%The Dow dropped more than 500 points as banking fears increased and Credit Suisse shares tumbled. Treasury yields fell sharply. Probably good for inflation. “Edna! Get my broker on the line! We’re putting everything in Gold! We’re circling the drain! And bring the Maker’s Mark with you!”
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STOCK MARKET NEWS: US stocks tumble, Credit Suisse shares fall sharplyWall Street falls sharply, Credit Suisse weighs on European banks. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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