U.S. banks aren't the only ones having problems. Shares of Credit Suisse took a nosedive of more than 20% after Saudi backers said they would not increase their investment in the Swiss bank.
“The answer is absolutely not, for many reasons. I’ll cite the simplest reason, which is regulatory and statutory. We now own 9.8% of the bank — if we go above 10% all kinds of new rules kick in, whether be it by our regulator or the European regulator or the Swiss regulator,” Ammar Al Khudairy, chairman of the Saudi National Bank, told Bloomberg.
The Biden administration is taking extraordinary measures to make depositors whole and shore up the U.S. banking sector after the Silicon Valley Bank failed. There was a run on deposits last week at the nation’s 16th-largest bank, which focused on the battered tech sector. Credit Suisse is outside of the Biden administration’s purview, and its downturn in fortunes had a ripple effect on other European banks. Shares of French and German banks such as BNP Paribas, Societe Generale, Commerzbank and Deutsche Bank fell between 8% and 10%, according to CNN Business.
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