Credit Suisse shares tumble yet again

Credit Suisse shares resumed their decline on Friday, dropping 8.5% and posting their worst week since the beginning of COVID-19 lockdown in March 2020, losing more than 25%.

Investor sentiment remains volatile following a range of factors, including:

• this week's $54 billion lifeline for the Swiss bank, the first major global bank since the 2008 financial crisis;
• the bank's credit score downgrade to "BBB" by DBRS Morningstar;
• a lawsuit from US shareholders claiming Credit Suisse defrauded them by concealing its financial problems.

Moreover, Credit Suisse has seen more than $450 million net outflows from its US and European managed funds from March 13 to 15, Morningstar Direct reported Friday.

Earlier Thursday, First Republic Bank also secured a $30 billion lifeline, which still failed to reassure the market, with First Republic shares trading down 32.5% on Friday so far.