A former White House adviser described it as the "tip of the iceberg" as the US banking industry lost $100BN in a single day. The Big Four were affected by the SVB collapse contagion, and regional banks fell by up to 60% during the bloodbath on Wall Street.
More than $100 billion was wiped off US banks' value today in a bloodbath on Wall Street sparked by the collapse of Silicon Valley Bank.
Trading was intermittently halted on at least 20 regional banks as the velocity of money forced regulators to intervene. The Big Four of US banks were also drawn into the bloodletting. Citigroup's share price dived 7.45 percent, Wells Fargo sank 7.1 percent, Bank of America plunged 5.8 percent and JP Morgan fell 1.8 percent.
Among the worst affected regional banks were First Republic which fell by 62 percent, Western Alliance which closed with a loss of 47 percent and KeyCorp which dropped by 21 percent.
The declines struck the Street despite Joe Biden&nbs...
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