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Markets on alert after US banks join forces to rescue First Republic – business live

Asian shares rise as $30bn lifeline for US bank eases fears of imminent collapse and US Treasury Secretary Janet Yellen says US banking system ‘is sound’

US investors in Credit Suisse have hit the beleaguered Swiss bank with legal action, claiming that it overstated its prospects before this week’s shares crash.

The lender suffered a rapid sell-off with shares plunging as much as 30% on Wednesday after comments from Credit Suisse’s largest shareholder, Saudi National Bank (SNB), which said it was unable to pump in more cash because of regulatory restrictions limiting its holding to below 10%.

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