In the US stock market on the 10thFirst Republic Bank plunges 53%PacWest Bancorp plummeted 37% at one point.The turmoil surrounding SVB Financial Group has spilled over to other financial companies.
SVB Financial Group, the holding company of Silicon Valley Bank (SVB), a major financing company for start-up companies, has reportedly failed to raise its capital as planned and is negotiating to sell itself.
US Bank SVB Stock Suspends Trading After Plunge – Reports of Selling Negotiations Due to Failed Capital Increase (2)
The KBW bank stock index fell 6.9% at one point. “The funding pressures facing SVB Financial Group are highly idiosyncratic, and other regional banks should not be viewed in the same way,” Morgan Stanley analysts led by Mannan Gosaria said. .
news-rsf-original-reference paywall">Original title:First Republic, PacWest Plunge Amid Wider Bank-Stock Selloff (2)(excerpt)
