The American banking industry suffered steep losses Thursday, headlined by the country’s four largest banks losing a staggering $52 billion in market value.
The broad decline was caused in part by fears of contagion as one of the technology industry’s largest lenders, Silicon Valley Bank, disclosed that it had been forced to sell nearly $2 billion in assets thanks to a steep decline in deposits and rapidly worsening outlook for the startups it funds,. SVB’s stock plunged 60% on Thursday as a result.
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poor guys, now I understand why I get .01% interest on my money -- hopefully they raise our taxes to help them out
😱
I don't care, they don't pay any interest on savings or checking accounts for decades. Most of my friends don't even use banks.