Bank stocks aren’t doing well on Wednesday as the continued fallout of the SVB Financial (NASDAQ:SIVB) collapse weighs on the sector.
The big news keeping bank stocks down comes from Credit Suisse (NYSE:CS). The Swiss bank is no longer able to receive financial support from the Saudi National Bank, which is one of its top investors.
According to Saudi National Bank, it can’t provide any additional funding to Credit Suisse due to regulatory issues. The bank notes that it already holds a 9.9% stake in CS stock. Anymore would take it above 10%, and that’s not allowed under current regulations.
That news sent shares of CS stock falling on Wednesday as fear spread across the banking sector. This resulted in in a few other bank stocks also dropping alongside CS shares today. Let’s get into that below!
Bank Stocks Down on Wednesday
- CS stock starts us off today with the company’s shares down 16.4% as of Wednesday morning.
- UBS (NYSE:UBS) joins the bank shares falling today with a 7.8% decline as of this writing.
- Deutsche Bank (NYSE:DB) finishes off our list of dropping bank shares today, with the company’s stock sliding 8.9% on Wednesday.
Investors keeping tabs on the stock market today will want to keep reading!
We’ve got all of the biggest stock market stories traders need to know about on Wednesday! A few examples include what has stocks down today, a downgrade for First Republic Bank (NYSE:FRC) stock, as well as what’s happening with Digital World Acquisition (NASDAQ:DWAC) shares today. You can catch up on all of this news by checking out the links below!
More Wednesday Stock Market News
- Why Are Stocks Down Today?
- FRC Stock Alert: First Republic Falls on S&P Downgrade
- Why Is Digital World Acquisition (DWAC) Stock Down Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.