Silicon Valley Bank drops another 60%, weighing on the bank sector again
JPMorgan Chase"Current pressures facing SIVB are highly idiosyncratic and should not be viewed as a read-across to other banks," wrote analysts Manan Gosalia and Betsy Graseck with Morgan Stanley in a note Friday.Concern among founders and venture capital investors spiked earlier this week after Silicon Valley Bank surprised the market by announcing late Wednesday it needed to raise $2.25 billion in stock. The bank had been forced to sell all of its available-for-sale bonds at a $1.
The mounting pressures on SVB prompted hedge fund billionaire Bill Ackman to speculate that if private investors can't help shore up confidence in the California lender, a government bailout could be next.SVB said in a letter Wednesday that it sold "substantially all" of its available-for-sale securities made up of mostly U.S. Treasurys.
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