BankinggiantCreditSuisselostnearlyafourthofitsvalueWednesday,amidthegrowingfalloutfromthecollapseoftworegionalbanksintheUnitedStates.

WednesdaymarkedthesecondtimeinthreetradingsessionssincethecollapseofCalifornia"sSiliconValleyBank(SVB),andthesubsequentfailureofSignatureBankfromNewYork,thatEuropeanfinancialstockswereseverelybattered.

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Nevertheless,thedramaticimpactonCreditSuisseintradingWednesdaywaslargelyunexpected,sincetheinstitutionissolarge.

Accordingto2022datafromInsiderIntelligence,CreditSuissewasthesecond-largestbankinSwitzerlandandthe17th-largestinEurope,withanestimated730billioneuros(772billionU.S.dollars)inassetsundercontrol.

TheSwissinstitutionsawitssharepriceplummetby24percentintradingWednesday,endingthedayat1.7Swissfrancsinheavytrading.Earlierinthesessionthesharesweredownbymorethan30percent.

Wednesday"sfallwasthetenthconsecutivelosingsessionforthecompany"sshares.Theyhavelostnearly40percentoftheirvaluesinceMarch3,whensharestradedat2.78Swissfrancs.

ThelatestdevelopmentshavealsoincreasedvolatilityfortheSwissfranccomparedtotheeuro,theU.S.dollar,andotherleadingcurrencies.

StockexchangesacrossEuropewerealsoimpactedbyWednesday"slosses.

TheDAXblue-chipindexonGermany"sFrankfurtStockExchangefellby3.3percent;inParis,theCAC-40indexfellby3.6percent;sharesslipped4.6percentinMilan;inMadridtheyweredownby4.3percent;andinAmsterdamby2.9percent.

Inmostcases,financialsectorstocksledtheretreatasinvestorsworriedaboutfurtherimpactsonbankinginstitutions.

TheCreditSuissesell-offwasreportedlytriggeredbyaweaker-than-expectedannualfinancialstatement,followedbytheannouncementthataleadingshareholder--theSaudiNationalBank--wouldnotprovidenewfinancialsupportthroughtheacquisitionofmoreshares.

TheSwissNationalBanksaidlateWednesdaythatitwouldprovideCreditSuissewithcashifrequiredtokeepitafloat,althoughofficialssaidthebankwasnotatriskofcollapse.

Meanwhile,theEuropeanCentralBanktoldothermajorEuropeanlenderstomonitortheirexposuretoCreditSuissesharesofbonds.

Europeanbankshavebeenunderpressureoverthelast12months,withinflationratessoaringamidenergysupplyandtradeissuestiedtotheongoingconflictbetweenRussiaandUkraine.Risingpriceshavesqueezedprofitsbypushingbondyieldshigher.(1Swissfranc=1.07U.S.dollar)

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