After US banks fail, contagion heads to European banks – smaller banks begin to fold

Quick Take

• Credit Suisse share price hits a record low — $2.19, a pre-market low of over 12%.
• 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.

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