ZURICH—Credit Suisse shares hit a new record low in morning trading on Switzerland’s stock exchange.

Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion.

The bank’s shares tumbled over 12 percent and were trading at 2.20 Swiss francs ($2.41) per share, down from a previous low of 2.41 francs hit on Friday. They are down almost 20 percent year to date.

Credit Suisse’s debt was also falling on Monday, with the lender’s U.S. dollar perpetual bonds being hit most and declining between five and ten cents on the dollar, Refinitiv Eikon data showed.

Switzerland’s second-biggest bank has begun a major overhaul of its business, cutting costs and jobs and creating a separate business for its investment bank under the CS First Boston brand.

Last week it announced it was delaying the publication of its annual report following a call from the U.S. Securities and Exchange Commission.

Europe’s STOXX bank index was down 5.7 percent, having shed 3.78 percent on Friday, leaving it on track for its biggest two-day fall since Ukraine’s conflict began in February 2022.

($1 = 0.9119 Swiss francs)