SVB Financial spooked the markets after announcing a stock offering and offloading securities to raise much-needed cash as it struggles with falling deposits.
In London, Barclays, Lloyds and NatWest shed as much as five per cent before paring back some losses. Tokyo-listed Mitsubishi UFJ Financial Group gave up more than six per cent while HSBC lost around three per cent in Hong Kong, as did National Australia Bank in Sydney.