Credit Suisse Shares Hit Rock Bottom Amid Gobal Banking Turmo

​Credit Suisse shares plunged to a record low on Monday, dropping more than 10% at one point in early trading on the Swiss stock exchange SIX. The news of the bankruptcy of Silicon Valley Bank (SVB), a tech-backed lender, sparked panic in the global banking sector on Friday, and European banks were not spared. People began to worry that this could be a new "black swan" event for the financial markets, potentially triggering a crisis similar to the collapse of Lehman Brothers in 2008.

Credit Suisse opened at 2.5 euros this week, but soon fell by about 11%. The current price is 2.21 euros, hitting an all-time low. The bank has lost about 20% since the beginning of this year, and its share price plummeted nearly 70% in 2022. The recent stock price crash was directly related to the SVB crisis, but the previous decline was mainly due to its own problems, falling revenues and regulatory and legal disputes.

According to some reports, Credit Suisse received a subpoena from the US Securities and Exchange Commission (SEC), requesting its cash flow statements for the past three years. As a result, Credit Suisse had to postpone its annual report.