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Credit Suisse shares sink, sparking rout in bank stocks

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Swiss lender’s stock price hits all-time low on back of comments from Saudi National Bank’s chair

In Dublin, AIB was down by 8.5 per cent, while Bank of Ireland dropped close to 10 per cent.

Credit Suisse had on Tuesday revealed that its auditor, PwC, identified “material weaknesses” in its financial reporting controls. He said owning more than 10 per cent of Credit Suisse would bring additional regulatory requirements. A day earlier, chief executive Ulrich Körner said customers were continuing to pull money from the bank, but at a much lower level than late last year, when Credit Suisse suffered 111 billion Swiss francs of outflows.

 

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