A massive bank is now on the brink as fears about the safety of the modern banking system spread around the world.
Credit Suisse shares have plummeted 25% in the last 24 hours amid revelations that its largest shareholder, Saudi National Bank, has decided it will “absolutely not” prop up the troubled bank and inject more capital.
Credit Suisse shares tumbled so far and so fast that it triggered an automatic trading pause on the Swiss market, reports UPI.
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The sharp drop follows revelations that the bank’s customers began pulling out cash in significantly higher amounts late last year.
The bank also expects its earnings to take a major hit after one of its clients defaulted on margin calls.
The news follows the federal shutdown
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