Nearly £30billion was wiped off the value of British and European lenders yesterday as investors grew scared after the Silicon Valley bank implosion and British customers of the American group warned they were struggling to withdraw their money.
The troubles at SVB, a previously little-known California-based bank focused on the tech industry, have sent shockwaves through financial markets. Shares across the banking sector fell on fears the troubles gripping the US firm could hit other lenders, echoing the contagion that caused the 2008 financial crisis.
Shares of HSBC fell 4.6 percent, Standard Chartered lost 4.5 percent and Barclays slipped 3.7 percent. Lloyds Banking Group stopped by
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