investors betting on a further outperformance in european bank stocks in 2023 have been caught wrong footed by the meltdown in shares of credit suisse group ag and fears of a recession the sector among the year’s biggest gainers until last week against the backdrop of rising interest rates and a resilient economy is now barely positive in 2023 after sinking 14 since march 9 as the collapse of us lender silicon valley bank triggered concerns about the health of the global financial system the crisis at credit suisse group ag which sank to a record low wednesday after a top investor ruled out any additional support compounded those worries