Shares of Credit score Suisse on Wednesday hit one other all-time low for a second consecutive day, dropping by greater than 24% at one level through the session.

Buying and selling within the financial institution’s plummeting shares was halted a number of occasions all through the morning. The inventory recovered barely by round 11:30 a.m. London time, however was nonetheless down greater than 20% on the day.

A number of Italian banks have been additionally topic to automated buying and selling stoppages after sharp declines on Wednesday, together with UniCredit, Finecobank and Monte Dei Paschi.

Credit score Suisse’s largest investor, Saudi Nationwide Financial institution, stated it couldn’t present the Swiss financial institution with any additional monetary help, in accordance with a Reuters report, sparking the most recent leg decrease.

“We can’t as a result of we’d go above 10%. It is a regulatory challenge,” Saudi Nationwide Financial institution Chairman Ammar Al Khudairy informed Reuters Wednesday. Nevertheless, he added that the SNB is pleased with Credit score Suisse’s transformation plan and recommended the financial institution was unlikely to want more money.

The Saudi Nationwide Financial institution took a 9.9% stake in Credit score Suisse final yr as a part of the Swiss financial institution’s $4.2 capital elevate to fund a large strategic overhaul aimed toward enhancing funding banking efficiency and addressing a litany of threat and compliance failures.

In the meantime, talking to CNBC’s Hadley Gamble throughout a panel session in Riyadh on Wednesday morning, Credit score Suisse Chairman Axel Lehmann declined to touch upon whether or not his agency would want any form of authorities help sooner or later.

When requested if he would rule out some type of help, Lehmann answered: “That is not the subject.”

“We’re regulated, we now have robust capital ratios, very robust stability sheet. We’re all palms on deck. In order that’s not the subject in any respect.”

Traders are additionally persevering with to evaluate the impression of the financial institution’s Tuesday announcement that it had discovered “materials weaknesses” in its monetary reporting processes for 2022 and 2021.

The embattled Swiss lender disclosed the statement in its annual report, which was initially scheduled for final Thursday, however was delayed by a late name from the U.S. Securities and Trade Fee (SEC).

The SEC dialog associated to a “technical evaluation of beforehand disclosed revisions to the consolidated money circulation statements within the years ended December 31, 2020, and 2019, in addition to associated controls.”

In late 2022 the financial institution disclosed that it was seeing “considerably greater withdrawals of money deposits, non-renewal of maturing time deposits and web asset outflows at ranges that considerably exceeded the charges incurred within the third quarter of 2022.”

Credit score Suisse noticed buyer withdrawals of greater than 110 billion Swiss francs within the fourth quarter, as a string of scandals, legacy threat and compliance failures continued to plague it.