SA banks bleed after US lender slumps 60% | Business

The four biggest US banks lost a whopping $52 billion in market value on Thursday after shares in SVB Financial, a major lender to the tech industry, sank by 60 percent.

Tokyo-listed Mitsubishi UFJ Financial Group gave up more than six percent while HSBC lost around three percent in Hong Kong, as did National Australia Bank in Sydney. SVB chief executive Greg Becker sought to reassure customers about the bank's financial health on Thursday, the Wall Street Journal reported, citing people familiar with the matter.

In another blow, crypto banking giant Silvergate said it planned to close as the sector faces more turmoil. Investors fear that the Fed could tip the economy into recession if its rates are too steep and held high for too long.Bank of America and Wells Fargo both fell 6.2 percent, while Citigroup was down 4.1 percent.

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