News Formal

SA banks bleed after US lender slumps 60% | Business

  • 📰 News24
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 80%

United States News News

United States United States Latest News,United States United States Headlines

The world's biggest banks took a stock market beating on Friday as signs of trouble at a US regional lender sparked concerns over the wider sector. | News24_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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business mood nosedives to two-year low on load shedding | BusinessSouth African business sentiment declined to a two-year low in the first quarter as severe power outages and dilapidated logistics networks hobbled economic activity. | News24_Business _Business Vote 🗳️ vote 🗳️ vote 🗳️ f…. Anc _Business I'm tired of pretending Please educate... What does 'declined to a 2-year low' mean _Business Today I closed my once very successful business. Lot of people without jobs now. Families without an income. I had enough.... immigrating to New Zealand in a month. Good luck SA... I wish you all the very best!
Source: News24 - 🏆 4. / 80 Read more »

Business Talk – South Africa’s leading online business talk showBusiness Talk is the best place for your executives to share their insights and experience with a wide South African business audience.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

Business confidence in South Africa continues to circle the drainThe latest RMB/BER Business Confidence Index shows warning signs for business in South Africa.
Source: BusinessTechSA - 🏆 24. / 61 Read more »