Bank run fear: Silicon Valley Bank is reportedly exploring a sale as Wall Street calls for a bailout

SVB Financial Group is reportedly exploring a sale after selling billions of dollars of assets to make its customers whole and sparking a panic on Wall Street this week.

Reuters and CNBC, citing people familiar with the matter, reported that the financially strapped bank was considering a potential sale to a larger institution. SVB didn’t immediately respond to CNN’s request for comment.

Shares of SVB were halted Friday morning after falling more than 60% in premarket trading. The stock tumbled 60% Thursday after the bank said it had to sell a portfolio of US Treasuries and $1.75 billion in shares at a loss to cover rapidly declining customer deposits —

→ Continue reading at Silicon Valley

More from author

Related posts

Advertisment

Latest posts

GM pauses sales of Chevy Blazer EV over software issues | CNN Business

New York CNN  —  GM has paused sales of its brand new Chevy Blazer EVs after some customers reported...

Crypto’s 2023 was marred by fraud and scandal. It was its best year ever | CNN Business

New York CNN  —  Crypto’s 14th year in existence was one marred by scandal, bankruptcy, fraud and regulatory squabbling....

The Tantalizing Mystery of the Solar System’s Hidden Oceans

The original version of this story appeared in Quanta Magazine.For most of humankind’s existence, Earth was the only known ocean-draped world, seemingly unlike any...