Four US banks lose $52bn in market value

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The four biggest United States of America banks lost $52bn in market value on Thursday after shares in SVB Financial, a major lender to the tech industry, sank by 60 per cent.

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.

 

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