Regional, Big U.S. And Global Banks Shake From SVB Collapse On Wednesday

Bank stocks have been suffering since the collapse last week of SVB Financial Group SIVB, also known as Silicon Valley Bank.

The entire banking sector became affected by the fall of America's 16th largest lender. 

While the impact is global, the U.S. banking sector continues to receive hits from the aftermath of the SVB's fallout, as investors pull their money away from the sector and depositors pull their funds in an effort to avoid further risk.

Shares of Credit Suisse CS, one of Europe's "too big to fail" banks, dropped almost 25% on Wednesday. Other European banks, such as the French Societe Generale and BNP Paribas have also been hardly affected by the collapse.

Read Also: Silicon Valley Bank Creditors Purchased Bonds At Distressed Levels Anticipating Potential Bankruptcy Sale

Regional Banks

The SVB collapse is sending shockwaves across the U.S. 

First Republic Bank FRC has been first in the line of fire. The San Francisco-based firm lost 70% of its value this week and 22% on Wednesday alone.

Several analyst firms including Compass Point, Raymond James and Wolfe Research have downgraded the stock since Monday. On Wednesday, the bank's credit rating was downgraded to from A- to BB+, a junk rating by S&P.

Another regional bank, Salt Lake City-based Zions Bankcorporation ZION, lost 33% of its value this week and an additional 1.7% On Wednesday.

Cleveland-based KeyCorp KEY was down 6% Wednesday and 33% in one week.

PacWest Bancorp PACW was down 20% on Wednesday and almost 60% in one week.

iShares US Regional Banks ETF IAT, an ETF focused on regional U.S. banks, lost 3% on Wednesday and almost 25% in one week.

Big U.S Banks

The SVB blow also reached the country's largest banking institutions. KBW Bank Index, a benchmark for the banking sector, is down 21% in the past week and 4.7% on Wednesday alone. The index tracks the 24 largest lending banks and thrifts.

Citigroup Inc C is down 12% this week and 5.8% on Wednesday.

JPMorgan Chase & Co JPM dropped 4.8% on Wednesday.

Wells Fargo & Co WFC lost 4% on Wednesday to a total of 11% this week.

Charles Schwab Corporation SCHW, one of the worst-affected large U.S. banks of the crisis, recovered 4% of its value on Wednesday after a 20% drop this week.

Bank of America Corp BAC is down 2.1% on Wednesday and 12.8% this week.

Photo by Etienne Martin on Unsplash.