Credit Suisse shares plunged by as much as 30.8% earlier on Wednesday, leading a 7% drop in the European banking index theSun theSundaily CreditSuisse business Economy EuropeanUnion
The Credit Suisse logo adorns one of the bank’s buildings at their campus in Research Triangle Park in Morrisville, North Carolina, US. – ReuterspicLarge US banks have managed their exposure to Credit Suisse in recent months and view risks from the lender as contained so far, according to three industry sources on Wednesday , who declined to be identified because of the sensitivity of the situation.
Bank stocks have been on a roller-coaster ride this week following the collapse of three US lenders including Silicon Valley Bank and Signature Bank, the second and third largest bank failures in US history, respectively. Bank stocks tumbled on Monday after assurances from US President Joe Biden before jumping on Tuesday on hopes the worst of the market rout was over.
A top US bank is still dealing with Credit Suisse as a counterparty, but is carefully managing its exposure, which is small, according to a source. “People are all examining their books, what open positions we have with Credit Suisse,” the source said.
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