Bank stocks were under pressure on Wednesday as the sharp drop of Credit Suisse rattled a segment of the market that was already reeling from two large bank failures in the past week.

Shares of the Swiss lender fell more than 20% after the chairman of its biggest backer — the Saudi National Bank — said it won’t provide further financial support, even though it sees Credit Suisse as a strong bank and is happy with its turnaround plan.

After European markets closed, the Swiss National Bank said in a statement that it would provide additional liquidity to Credit Suisse if necessary. U.S.-listed shared pared some of their losses following the news and closed down about 14%.

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