While the Fed may have bailed out Silicon Valley Bank (SVB) depositors on Monday, market uncertainty surrounding the entire banking sector remains significant.
Trading by multiple banking organizations was halted on Monday due to share price volatility, as was SVB last Friday.
According Nasdaq Trader, trading in Charles Schwab, a multinational financial services company with $7.8 trillion in assets under management, was halted on the New York Stock Exchange at 9:49 am EDT Monday. Shares of the company fell 18% on the day.
Meanwhile, First Republic Bank is down a record 76% since Monday’s open, before also pausing at 10:43 a.m. EDT. The bank’s shares were already under massive pressure along with SVB and Signature Bank late last week.
Other suspended stocks include Western Alliance (-76%), PacWest (-47%), Zions (-24%), and Comerica (-33%). The collective hammering of the banking sector is visible in the Nasdaq KBW index of commercial banks, which is currently below by 11%.
SVB fell around 66% last Friday before being shut down by regulators and reclaimed by the FDIC.
Signature Bank was also placed in judicial administration on Sunday, when the Federal Reserve agreed to bail out Signature and SVB depositors to protect the banking system.
Major crypto firms including Coinbase, Paxos, Ripple, and Circle all had exposure to SVB, with the latter holding $3.3 billion of its stablecoin reserves inside the firm. circle has since regenerate its funds, and decided to transfer those reserves to BNY Melon.
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This post Multiple bank stocks delisted amid post-SVB volatility
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