Bank fears return to haunt global stock markets

Stocks markets tumbled again on Friday as fears of a banking crisis resurfaced despite massive financial lifelines thrown at embattled lenders to prevent contagion across the sector. Markets had rallied on Thursday after Wall Street titans including JP Morgan, Bank of America and Citigroup pledged to inject $30 billion into First Republic Bank. Credit Suisse had also rebounded after it said it would borrow up to $54 billion from the Swiss central bank. But shares of First Republic Bank and Credit Suisse dove back deep in the red on Friday, with the US lender slumping 33 percent and Switzerland's second biggest bank dropping eight percent. The stock prices of other major banks also fell, with JP Morgan, Citigroup and Bank of America down at least three percent.