Bank stocks in the U.S. and Europe are tumbling as the global financial system continues to reckon with the Silicon Valley Bank collapse—the largest bank failure since 2008.
Many bank stocks plummeted at the outset of this week but rallied on Tuesday, regaining much of their losses. The broad decline in early trading on Wednesday renewed fears of damage to the wider financial system.
a day earlier that it would launch a review of the "supervision and regulation of Silicon Valley Bank, in light of its failure." The Federal Deposit Insurance Corporation, which protects the stability of the financial system, took over Silicon Valley Bank on Friday in an effort to protect depositors. Later that day, the Fed announced an emergency lending program to cover the deposits at issue and restore wider confidence in the financial system.Still, the worldwide fallout in the banking sector appears ongoing.
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