Bank Stocks

Bank stocks plummet as fears over US lender spark selloff

The Telegraph 2023/03/10

'Stock markets have plunged in London and across Europe as concerns over the US banking sector hammer financial institutions.

'The FTSE 100 has dropped 1.9pc while the domestically-focused FTSE 250 has plummeted as much as 2pc following a rout on Wall Street on Thursday.

'Barclays shed as much as 6.1pc, with HSBC down 5.3pc, Lloyds off as much as 4.7pc and Natwest dropping as much as 4.5pc after signs of trouble at a regional US lender sparked concerns about the wider sector.

'The contagion also spread to Europe, with Deutsche down 10pc on German markets and Societe Generale falling 5.5p after the Paris stock exchange opened. BNP Paribas shed 4.4pc and Credit Agricole tumbled 3.6pc.

'US lenders were sent into a tailspin after SVB Financial Group, which specialises in venture-capital financing, announced it had suffered significant losses on its portfolio... '