The $52.4bn sell-off in US bank shares spread to Europe on Friday, with Deutsche Bank stock falling 8 per cent and Société Générale and HSBC both dropping 5 per cent.
Investors dumped shares in the biggest US banks on Thursday on the back of difficulties at Silicon Valley Bank, a small, technology-focused lender that revealed a $1.8bn loss on the sale of a portfolio of securities.
JPMorgan Chase, Bank of America, Citigroup and Wells Fargo were all hit by sell-offs, which analysts attributed to investors’ fears over the value of banks’ bond portfolios and falling deposits.
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