$100BN Wiped Off US Banking Market in SINGLE DAY as Former White House Adviser Calls It ‘Tip of the Iceberg’: Bloodbath on Wall Street Saw Regional Banks Fall By Up to 60% And the Big Four Drawn into SVB’s Collapse Contagion

March 14, 2023 by mosesman

Customers line up outside a Silicon Valley Bank branch on Monday as they rushed to withdraw their funds after the government promised their cash would be safe

$100BN Wiped Off US Banking Market in SINGLE DAY as Former White House Adviser Calls It ‘Tip of the Iceberg’: Bloodbath on Wall Street Saw Regional Banks Fall By Up to 60% And the Big Four Drawn into SVB’s Collapse Contagion
by ROSS IBBETSON FOR DAILYMAIL.COM, https://www.dailymail.co.uk/home/index.html
* Trading was intermittently halted on at least 20 regional banks as the velocity of money forced regulators to intervene as fear gripped Wall Street
* Sell-off hit the Big Four trillion-dollar banks: Citigroup’s share price dived 7.45%, Wells Fargo sank 7.1%, Bank of America plunged 5.8% and JP Morgan fell 1.8%
* Former Trump staffer Steve Moore warned: ‘The system is sound, but I do think you have a lot of major banks that are in some trouble’
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More than $100 billion was wiped off US banks’ value today in a bloodbath on Wall Street sparked by the collapse of Silicon Valley Bank. Trading was intermittently halted on at least 20 regional banks as the velocity of money forced regulators to intervene. The Big Four of US banks were also drawn into the bloodletting. Citigroup’s share price dived 7.45 percent, Wells Fargo sank 7.1 percent, Bank of America plunged 5.8 percent and JP Morgan fell 1.8 percent. Among the worst affected regional banks were First Republic which fell by 62 percent, Western Alliance which closed with a loss of 47 percent and KeyCorp which dropped by 21 percent.
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