Janet Yellen Christian Lindner Usa Germany city Powell, county Jerome county Jerome Switzerland UPS Reuters JPMorgan Chase Morningstar Janet Yellen Christian Lindner Usa Germany city Powell, county Jerome county Jerome Switzerland

Credit Suisse shares continue to fall despite efforts to calm nerves

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Credit Suisse shares came under renewed pressure on Friday, despite fresh attempts by central banks and politicians to calm fears about a crisis in the global banking industry sparked by the collapse of two US banks this week.Shares in Credit Suisse, Switzerland’s second largest bank, fell 8% on Friday despite securing a £45bn emergency loan from the Swiss National Bank just days earlier to shore up its liquidity after a week of panic.New figures showed that more than $450m was withdrawn from Credit Suisse’s US and European managed funds between 13 and 15 March as retail and institutional investors pulled their money from the embattled lender, according to data from Morningstar Direct.US bank First Republic also suffered a 25% fall in its share price, despite it securing a $30bn injection of emergency funds from America’s largest banks in a deal put together by the US treasury secretary, Janet Yellen, and Federal Reserve chairman Jerome Powell.Growing unease in the market – which saw America’s Silicon Valley Bank and Signature Bank collapse – led the European Central Bank (ECB) to hold an emergency meeting on Friday to discuss the tumult.The ECB supervisors – who have held two unplanned meetings this week – saw no contagion to eurozone banks, a source familiar with the meeting told Reuters.

Banking deposits across the sector were said to be stable. The ECB declined to comment.German finance minister Christian Lindner also sought to reassure investors and the public that there was not a “systemic financial crisis” and said the current situation was not likely to lead to a repeat of 2008.Lindner said Bafin, Germany’s financial watchdog, and the Bundesbank, its central bank, were “closely and carefully” observing the

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