Banking Crisis Sparks Global Selloff and Record Lows for Credit Suisse Shares

The biggest banks have lost billions of dollars in market value as Credit Suisse's decline fuels a selloff in the financial markets. Credit Suisse's losses are due to its exposure to Archegos Capital Management, which defaulted on margin calls last week. The bank's shares have fallen by more than 20% since the news broke. Other banks, including Nomura and Morgan Stanley, have also reported significant losses due to their exposure to Archegos.