The four biggest U.S. banks lost a combined $52 billion the day before the SVB collapse.
✓ On Friday, other banking stocks saw double-digit drops, including
Signature Bank (-23%),
First Republic (-15%)
Silvergate Capital (-11%).
| Name | Stock Price Change, March 10 2023 | Unrealized Losses / Tangible Equity |
|---|---|---|
| SVB Financial | -60%* | -99% |
| First Republic Bank | -15% | -29% |
| Zions Bancorp | -2% | -47% |
| Comerica | -5% | -47% |
| U.S. Bancorp | -4% | -55% |
| Fifth Third Bancorp | -4% | -38% |
| Bank of America | -1% | -54% |
| Wells Fargo | 1% | -33% |
| JPMorgan | -1% | -21% |
Source: Morningstar Direct. *Represents March 9 data, trading halted on March 10.
The whole sector is in crisis, and the banks and investors that support these assets are going to have to figure out what to do.
--- Christopher Whalen, The Institutional Risk Analyst
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