Investors are steering clear of the sector out of fears that further hiccups are coming down the line as the Fed remains hawkish. Both Silicon Valley Bank and Signature Bank saw a run on deposits after customers got word that the bank had taken large losses on held-to-maturity bonds, causing a shortage in liquid funds.
"In the chaos of crisis, it is tempting to retrench into the safest assets. Following bank failures, many investors may prefer to avoid financials all together," the firm said in a March 22 note."Risks remain, but the banking sector will survive and some banks will actually benefit from current stresses."
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