The Latest Breaking News from Credit Suisse

After largest shareholder was unable to provide backing, Europe’s 17th largest lender says it will use government help to become ‘simpler and more focused’

On the heels of bank failures in the U.S., shares of European bank Credit Suisse fall, prompting concerns about the health of the global banking system.

The Swiss authorities sent a reassuring message to the markets which are questioning the financial solidity of Credit Suisse.

Credit Suisse borrowed up to $54 billion from the Swiss National Bank after the Nasdaq eked out a gain Wednesday.

Shares of Credit Suisse have plunged to a record low, after its top shareholder declined to increase its stake. The slide has added to market jitters over the state of Europe's banking sector, although it's not directly related to the recent collapse of two American lenders. Also in the show:…

Some say the failures of SVB and Signature Bank will spark contagion through the industry. Others are more sanguine.

‘If the bank fails, this could have major implications for other European banks’

Announcement comes after Zurich-based bank’s shares lost more than one-quarter of their value in a day.

The SPY ETF looks vulnerable as it leans on key support. How it trade from here will be critical for the next development on the charts.