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US stocks slide and investors resume their flight to government bonds.

Meanwhile, the banking crisis spreads to Europe and Swiss regulators intervene to provide liquidity to credit Swiss.

When people start to get worried, they pop up in all sorts of different places and it kind of doesn't matter if it's a banking California that goes under, you know, pop up in Switzerland at the contagion worry.

Plus, how the crisis in the financial sector is playing out on Capitol Hill.

It's Wednesday, March 15.

I'm Ann Marie for Toley for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that moved the world today.

Swiss regulators said they would provide liquidity to credit Swiss offering a lifeline to the lender hit hard by concerns over its financial health.

Shares of the bank, which is Switzerland's second largest plummeted 24% today in the largest one day decline on record as investors seem increasingly concerned about the health of the global financial system after the collapse of Silicon Valley Bank and signature bank.

So what's happening in Europe? Joining me now with the latest is our Europe Finance Editor, Alex Fragos.

So Alex, how did this crisis which started in some regional banks in the US cross the Atlantic?

Well, basically the collapse of Silicon Valley Bank got a lot of people concerned more broadly about weaknesses in the financial system and they started scouring around looking for the weakest links.

And it's not really a surprise that they were attracted to look at Credit Suisse, which is a big bank with a big presence in the US and all around the world.

And it's had a lot of troubles over the last couple of years suffered scandals, big trading losses with one of its clients, our Kegos capital that blew a $5 billion whole and it's in its balance sheet.

It raised fresh capital from investors late last year, which was just kind of was just stabilize the situation, but it didn't.

And it's customers who are a lot of very rich, high net worth people as they like to call them, started pulling their money out of the bank.

And it's been kind of a steady drip out of the bank and that's got people worried that as money pulls out of the bank, it's harder to maintain its business.

What about other European banks? Is this spreading now more broadly?

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