The front facade of the New York Stock Exchange is seen in New York City, U.S., March 29, 2021. REUTERS/Brendan McDermid
The KBW Nasdaq Bank stock index fell as much as 3.4% before paring losses to 2% at mid-afternoon. Shares of big U.S. banks and even regional banks, such as Truist Financial and PNC Financial Services Group, dropped after Nomura Holdings Inc and Credit Suisse Group AG warned of billions of dollars in potential losses after a fund, named by sources as Archegos, defaulted on margin calls.
“The real question is whether this becomes a bigger systemic incident that lingers for several weeks,” he said.Bank stocks have gained largely on rising bond yields, which could boost net interest income. The rollout of vaccinations and government stimulus programs have also fueled optimism for loan growth and lower-than-expected losses on bad loans.
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