City Of London
Bank Turmoil Poses $600 Billion Question for Battered Investors
- Market value of largest lenders drops about $600 billion
- Analysts say banks in the spotlight are unique cases
A UBS office, left, alongside a Credit Suisse office in Geneva, Switzerland.
Photographer: Jose Cendon/BloombergThis article is for subscribers only.
Markets are grappling with a $600 billion question right now. Are the half-dozen banks in the spotlight outliers or a warning sign of a wider malaise in the financial sector?
Bank investors have largely been selling first and leaving that question for later. Around $600 billion dollars of market value has evaporated from the 70 biggest US and European banks since March 6, a period that’s seen the collapse of Silicon Valley Bank, Credit Suisse Group AG receive a $54 billion lifeline from the Swiss National Bank and a $30 billion Wall Street whip-round for First Republic Bank.