Shares of the Swiss lender Credit Suisse (NYSE: CS) traded more than 7% lower as of 11:04 a.m. ET today, despite the beleaguered bank tapping the Swiss National Bank for 50 billion francs of borrowings yesterday.

As the banking sector in the U.S. has been hit hard, Credit Suisse has been dealing with its own issues. Earlier this week, the bank issued its annual report, which said the bank had found "material weakness" in its financial reporting in 2021 and 2022. Credit Suisse also said that client outflows had slowed but not yet reversed course.

The market also got spooked when Credit Suisse's largest shareholder, the Saudi National Bank, said it would not buy additional shares because it already owns 9.9% of outstanding shares. However, Saudi National Bank Chairman Ammar Al Khudairy said this is because of regulatory reporting requirements and has nothing to do with its view of the bank's planned transformation.

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Source Fool.com