Shares of Credit Suisse fell.

Shares in embattled bank Credit Suisse have hit another all-time low for a second day in row after its largest shareholder refused further financial assistance. Saudi National Bank (SNB), which acquired a 10% stake in the Swiss banking giant in 2023, said it could not provide any further financial aid due to regulatory and statutory issues. SNB is happy with Credit Suisse's transformation plan and suggested the bank was unlikely to need extra money. On Tuesday, Credit Suisse published its annual report for 2022 saying it had identified "material weaknesses" in controls over financial reporting and not-yet-stemmed customer outflows. Executives at major banks in Switzerland have warned that the country's decision to support Ukraine-related sanctions against Russia is having a negative impact on their business, and rich clientele from China are seriously worried about depositing their money in Swiss banks.