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US treasury chief voices ‘concern’ amid bank stock sell-off

US 'will not accept' flood of below-cost Chinese goods: Yellen
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The United States treasury chief voiced concern on Friday over the recent sell-off in bank stocks spurred by the collapse in the share price of high-tech lender Silicon Valley Bank.

“There are recent developments that concern a few banks that I am monitoring very carefully,” Janet Yellen told a Congressional committee. “When banks experience financial losses it is and should be a matter of concern.”

Shares in SVB’s parent company, SVB Financial Group fell more than 60 percent on Thursday following the disclosure that it had lost $1.8 billion in securities sales in an effort to raise funds. Trading was halted early Friday after a sharp decline in pre-market trading.

The bank’s disclosure has raised fears that a broader swathe of banks may be forced into similar transactions.

US banks including Citigroup and Wells Fargo fell in early trading, extending a selloff among European banks.


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Agence France-Presse (AFP) is a French international news agency headquartered in Paris, France. Founded in 1835 as Havas, it is the world's oldest news agency.

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