Despite US government actions and assurances over the weekend, Banking stocks have nosedived today, following the collapse of the SVP bank last Friday.
San Francisco’s First Republic Bank led the fall with 70% wiped off it’s stock value.
PacWest Bankcorp lost 37%, Western Alliance dropped 29%, Bank of America 6%, Charles Schwab 20% wiped off their share vales amongst many losers on Monday morning trading.
Meanwhile, the Whitehouse has announced that President Biden will make a special statement to the nation on the US banking system tonight.