After US banks fail, contagion heads to European banks – banks halted on exchange 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%
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
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