With a reported $2.42T in total assets for the year ended 2022, BAC is in second place behind JPMorgan's ( JPM) $3.2T asset base. It continued the pullback from its February highs as investors assessed the extent of the fallout. The Financial Select Sector SPDR ETF ( XLF) and the KBW Nasdaq Bank Index ( BKX) were battered, suffering their worst weekly performance in recent memory.īut why BAC? Notably, BAC fell 16% from its weekly highs to lows before recovering slightly to close the week. Market operators were in a broad risk-off mode across financial names. As such, the collapse of SIVB has been nothing short of spectacular, as the contagion fears spread to other regional banks, including First Republic Bank ( FRC).Įven Wall Street's leading bank, Bank of America or BofA ( NYSE: BAC), wasn't spared. SIVB didn't have the chance to start Friday's regular trading session due to a trading halt. Not long later, Californian state regulators took control of the bank, appointing the Federal Deposit Insurance Corporation or FDIC as the receiver on Friday. As such, the speed of collapse was not seen in modern times, as SIVB called off its fundraising attempt as it sought a buyout. In the era of digital banking, customers no longer need to go to the bank to run with their money. Portfolio companies were also advised by VCs to flee, urging them to withdraw their funds and move away from SIVB in a hurry.

Its VC- and startup-focused customers lost confidence in the bank's ability to remain solvent. Data is updated daily.It took just two days for the whole fallout on SVB Financial Group ( SIVB) to go from fundraising announcement to falling into receivership, as its efforts to raise funds went into flames.Īccording to the Wall Street Journal or WSJ, its book-running manager Goldman Sachs ( GS ), had lined up a deal worth $95 per share on Thursday afternoon before SIVB fell from grace due to a classic bank run. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Company fundamental data is provided by Morningstar. Stock quotes are provided by QuoteMedia, Inc. The gurus listed in this website are not affiliated with, LLC. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Past performance is a poor indicator of future performance. In no event shall be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on, or relating to the use of, or inability to use, or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Gurus may be added or dropped from the GuruFocus site at any time. The individuals or entities selected as 'gurus' may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Under no circumstances does any information posted on represent a recommendation to buy or sell a security. This investment adviser does not provide advice to individual investors. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. is not operated by a broker or a dealer.

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