Panic mounts over the future of regional banks; Biden addresses Silicon Valley Bank shutdown
Before the shutdown, some banking analysts dismissed concerns about a potential “contagion” stemming from SVB’s problems that could unsteady the banking sector — though without ruling out the possibility that the bank could fail. On Friday, large, diversified banks such as Bank of America and JPMorgan Chase pulled out of an early slump due to data released Friday by the Labor Department. “Current pressures facing SIVB are highly idiosyncratic and should not be viewed as a read-across to other banks,” Morgan Stanley analysts Manan Gosalia Continue lendo→