Yesterday (March 15), Switzerland's second largest banking group, Credit Suisse Bank shares fell about 30% in the day to a record low. That triggered a massive collapse in European bank stocks, which led to a sharp drop of more than 3% across Europe's three major stock markets on Wednesday.

By the end of the day, the British stock market was down 3.83 percent, the French stock market was down 3.58 percent and the German stock market was down 3.27 percent. Unicredit, Siena and other bank stocks triggered circuit breakers. Banks in the pan-European Stoxx 600 index tumbled 7 percent, their biggest one-day drop in more than a year.

Today (March 16), Credit Suisse said it plans to exercise its option to borrow up to CHF 50 billion from the Swiss National Bank (SNB) under the Secured Lending Facility and the Short-term Liquidity Facility, fully collateralized with high-quality assets.

Founded in 1856, Credit Suisse has a significant presence in global capital markets. In February, Credit Suisse announced a net loss of 7.3 billion Swiss francs for 2022, its second straight year of net losses. On March 14, Credit Suisse issued a report alleging "material weaknesses" in the bank's internal controls over financial reporting.