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Banks including JPMorgan, Charles Schwab, see $52bn rout on SVB’s deposit losses
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fnlondon.comInvestors dumped shares of SVB Financial Group and a swath of US banks after the tech-focused lender said it lost nearly $2bn selling assets following a larger-than-expected decline in deposits.
The four biggest US banks lost $52bn in market value on 9 March. The KBW Nasdaq Bank Index notched its biggest decline since the pandemic roiled the markets nearly three years ago. Shares of SVB, the parent of Silicon Valley Bank, fell more than 60% after it disclosed the loss and sought to raise $2.25bn in fresh capital by selling...
Read more on fnlondon.comAbout this in other media
US midsize banks seek FDIC Insurance on 'all deposits' for 2 years: Report cointelegraph.com /1 year ago
More 186 US banks well-positioned for collapse, SVB analysis reveals cointelegraph.com /1 year ago
Fitch says banks in Asia are resilient to risks seen in U.S. bank failures cnbc.com /1 year ago
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