Signature Bank shares plunged nearly 30% early, but have trimmed those losses by more than half in another volatile day for bank stocks. $SBNY By JamieCrawleyCD
Signature Bank shares fell as much as 30% in early trading on Friday as the reverberations of the Silvergate collapse spread throughout the banking sector.
The action is volatile in today's session, with SBNY quickly bouncing from plunge and now lower by 12% at press time.on Wednesday, having delayed the filing of its annual 10-K report owing to questions from its auditors and accountants over its figures. It's shares are up 5% today, but remain lower by 98% on a year-over-year basis.
While Silvergate's demise may have rung alarm bells for investors around the durability of banks with close ties to the crypto industry, the rout has spread to more traditional lenders. Most notably, SVB Financial Group , the holding company of Silicon Valley Bank, is down more than 40% on Friday and now off just shy of 80% for the week. The tech-friendly lender earlier this week announced a loss of around $1.
The broad SPDR S&P Bank ETF – which counts banking giants Citigroup and Bank of New York among its top 10 holdings – is down 4.3% today and 15% for the week. The country's four largest banks by assets
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