Four biggest US Banks Lost $52 BILLION in Valuation Today as Dow drops 540 points

Banks big and small posted steep declines. PacWest Bancorp fell 25%, and First Republic Bank lost 17%. Charles Schwab Corp. fell 13%, while U.S. Bancorp lost 7%. America’s biggest bank, JPMorgan Chase & Co., fell 5.4%.

Read the full article.

Turmoil at Silicon Valley Bank triggers market panic: Four biggest US banks lose staggering $52 BILLION in valuation and Dow drops 540 points

The Daily Mail

Sharp losses in banking stocks led Wall Street’s main indexes lower on Thursday, as turmoil at Silicon Valley Bank’s parent company triggered investor fears about the stability of the financial sector.

The S&P 500 bank index tumbled more than 6% in its biggest one-day drop in over two years, after SVB Financial Group announced a massive equity raise to cover a $1.8 billion loss on the sale of investments.

The four largest US banks — JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup — saw their share prices plunge between 4% and 6%, wiping $52.3 billion from their collective market capitalizations for the day.

Stocks fell broadly on Wall Street, with the Dow Jones Industrial Average dropping 543 points, or 1.66%. The S&P 500 lost 1.85% and the Nasdaq composite was down 2.05%.

Shares of SVB Financial, which owns Silicon Valley Bank, plunged more than 60% after the company announced a sale of new shares to cover losses on the sale of government bonds.

Read the full article.

Thiel Fund, Venture Firms Advise Companies to Pull Money From SVB

Bloomberg

Peter Thiel’s Founders Fund and several other high-profile venture capital firms advised their portfolio companies to pull money from Silicon Valley Bank on Thursday, responding to panic about the bank’s financial situation in tech startup circles.

Founders Fund, a prominent VC firm co-founded by billionaire Thiel, has asked its companies to move their funds, according to one person familiar with the matter who asked not to be identified discussing private information.

Coatue Management, Union Square Ventures and Founder Collective advised their portfolio companies to pull their money from the bank, people with knowledge of the matter said. Canaan, another major VC firm, told its portfolio companies to remove their cash on an as-needed basis, according to another person.

Read the full article.