ZURICH, March 10 Reuters Credit Suisse shares hit a new alltime low in early trading on Friday as the European banking sector suffered the fallout from a sharp selloff in U.S. financial stocks.

The embattled bank39;s stock fell to 2.463 Swiss francs on the Swiss Market Index amid the selloff.

Rival UBS was down 4.7 as European banking stocks headed for their largest oneday fall in nine months.

Europe39;s STOXX banking index was down 4.2 and set for its biggest oneday slide since early June, with declines for most major names including HSBC down 4.5 and Deutsche Bank off 7.9.

U.S. lender SVB Financial Group scrambled on Thursday to reassure its venture capital clients their money was safe after a capital raising led to its stock collapsing 60 and contributed to wiping out over 80 billion in value from bank shares.

Reporting by John Revill; editing by Jason Neely

Source Reuters