Forbes TOPLINE
The second and third-largest bank failures in U.S. history rattled investors’ confidence in bank stocks to the tune of tens of billions of dollars Monday, as the contagion fears from Silicon Valley Bank and Signature Bank’s weekend collapses spread across the industry—hitting regional banks particularly hard.
Silicon Valley Bank’s dramatic failure bled into other banking stocks.
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KEY FACTS
The 10 largest bank stocks in the U.S. lost $76 billion in market capitalization Monday, driven by Charles Schwab and Truist Financial’s 12% and 17% respective nosedives.
That grouping has lost $187 billion in market value since Wednesday, the last trading session before Silicon Valley Bank’s unraveling dragged down the wider market.
Though each of those stocks slid Monday, the impact was far greater among smaller bank stocks, as shares of regional banks First Republic and Western Alliance fell more than 50% or more Monday amid multiple halts on trading due to volatility.
In a Monday note to clients evaluating the market fallout of the current crisis, Bank of America analyst Ebrahim Poonawala slashed his price targets for 24 regional banks by an average of 24%, citing potentially higher compliance costs for the companies amid more intense regulator scrutiny…
READ FULL ARTICLE HERE… (forbes.com)
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