Shares of U.S. banks extended recent losses on Friday, with regional banks hit hardest, as SVB Financial Group's failure reverberated across the financial industry.
SVB logo is seen through broken glass in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/IllustrationMarch 10 - Shares of U.S. banks extended recent losses on Friday, with regional banks hit hardest, as SVB Financial Group's, putting the tech-heavy lender into receivership in the largest bank failure since the 2008 financial crisis.
The state regulator appointed the Federal Deposit Insurance Corp to dispose of SVB's assets in an episode that spilled over into other U.S. and European banks and sparked fears about hidden risks. While SVB's stock was halted on Friday, shares of other mid-sized U.S. banks added to recent, heavy losses. The S&P 500 regional banks indexU.S. banks have lost over $100 billion in stock market value in two days, with European banks losing around another $50 billion in value, according to a Reuters calculation.
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