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Banks Lose Billions in Value After Tech Lender SVB Stumbles

wsj 8 min read . Updated: 10 Mar 2023, 08:32 PM IST The Wall Street Journal
SVB (Silicon Valley Bank) logo is seen through broken glass in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration (REUTERS)Premium
SVB (Silicon Valley Bank) logo is seen through broken glass in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration (REUTERS)

  • Index of banks posts biggest drop since pandemic roiled markets nearly three years ago

Investors dumped shares of SVB Financial Group and a swath of U.S. banks after the tech-focused lender said it lost nearly $2 billion selling assets following a larger-than-expected decline in deposits.

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