Banking stocks saw wide losses after Credit Suisse ($CS@Switzerland) plummeted more than 20 percent in Wednesday’s premarket trading after the Swiss banking giant said that it discovered “material weakness” in its financial reporting. The pan-European Stoxx 600 index fell by 2.4 percent, and in the U.S., the Dow Jones Industrial Average and S&P 500 fell by more than 1.6 percent. Financial stocks have tumbled in recent days after regulators shut down Silicon Valley Bank and Signature Bank.
