Troubles at the Swiss banking giant Credit Suisse spooked markets Wednesday, causing bank stocks to sell off after regaining some ground Tuesday.
The sell-off was sparked in part when Credit Suisse’s largest shareholder, Saudi National Bank, said publicly that it wouldn’t beef up its investment to help steady the embattled lender. Credit Suisse shares took a roughly 25% nosedive Wednesday to hit a record low.
Shares in Citibank were down as much as 5%, while Goldman Sachs, JPMorgan and Wells Fargo were each down roughly 4% Wednesday. Bank of America’s stock was trading about 3% lower.