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Global Bank Stocks Drop Despite Biden’s Assurances After Silicon Valley Bank and Signature Bank Collapse

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President of the United States of America, Joe Biden

Bank stocks around the world experienced a sharp decline on Monday, March 13, despite reassurances from U.S. President Joe Biden that the U.S. banking system is secure. The drop in bank stocks was triggered by the sudden collapse of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O), which raised concerns of contagion to other lenders worldwide.

Efforts to shore up banks with additional funding failed to dispel investor worries, leading to a plunge in bank stocks globally. Germany’s Commerzbank (CBKG.DE) fell 12.7%, while Credit Suisse (CSGN.S) slid 9.6% to a new record low.

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President Biden’s administration has assured depositors that their deposits are safe, promising stiffer regulation after the biggest U.S. bank failure since the 2008 financial crisis. The White House has stated that the Treasury Department is working with regulators on the next steps to be taken.

The meltdown of Silicon Valley Bank triggered a partisan battle in Washington, with Democrats blaming a Trump-era change to bank oversight rules for undermining the stability of regional banks. Republicans, however, rejected this claim and said the changes made during Trump’s administration were not to blame.

Indicators of credit risk in the U.S. and euro zone banking systems edged up in the money markets. Rick Meckler, partner at Cherry Lane Investments, said that the swift action taken by the U.S. government may have averted a crisis, but it remains to be seen how big the risks were that led to the action.

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Investors seeking safe havens have caused the price of gold to rise above the key $1,900 level. Mark Dowding, chief investment officer at BlueBay Asset Management in London, said there is a sense of contagion, and a repricing of financials is leading to a repricing across markets.he sudden collapse of Silicon Valley Bank and Signature Bank has caused a sharp decline in bank stocks globally, raising concerns of contagion to other lenders. President Biden’s administration has promised to ensure the safety of the U.S. banking system, and the Treasury Department is working with regulators on the next steps to be taken. Indicators of credit risk have edged up in the money markets, and investors seeking safe havens have caused the price of gold to rise.

Source: Reuters News

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