BANK FEARS SPREAD TO EUROPE, DRAG DOWN SHARES OF BIG LENDERS

Bank fears spread to Europe, drag down shares of big lenders

GENEVA (AP) — Fears about the world banking system spread to Europe as shares in the globally connected Swiss bank Credit Suisse plunged. The steep drop on Wednesday dragged down other major European lenders in the wake of bank failures in the United States. At one point, Credit Suisse shares lost more than a quarter of their value. The stock price hit a record low after the bank’s biggest shareholder — the Saudi National Bank — told news outlets that it would not invest more money into the Swiss lender. Credit Suisse was beset by problems long before the U.S. banks collapsed.

NEWSLETTER

Stay updated, sign up for our newsletter.