Cracks appearing in the global banking sector
After Silvergate went into voluntary liquidation this week, there has now been a 60% slump in Silicon Valley Bank.
This exposure to people’s concerns is now hitting the main banking sector. As IGTV’s Jeremy Naylor explains the big banks in the US, JPMorgan, Bank of America and Citigate have all opened all sessions on the IG platform down after heafty losses on Thursday. The FTSE350 Banks Index has gapped down more than 4% with Lloyds Banking Group, Barclays and HSBC leading the losses and Asia banks across the region earlier today also seeing losses across the board.
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