Why Bank Of America (BAC) Shares Are Nosediving To A New 52-Week Low

Bank of America Corp BAC shares are trading lower by 4.56% to $27.65 Friday morning. Shares of several companies in the broader financial industry, including Bank of America, are trading lower on continued downward momentum in the sector amid volatility and stability concerns following multiple bank failures.

What's The Latest On Bank Stocks?

SVB Financial Group SIVB has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value.

SVB Securities, SVB Capital's funds, and general partner entities are not included in the Chapter 11 filing. These businesses will continue to operate normally as SVB Financial Group proceeds with its previously announced exploration of strategic alternatives announced on Monday but did not disclose bankruptcy as one of the potential options...Read More

According to data from Benzinga Pro, BAC has a 52-week high of $44.63 and a 52-week low of $27.64.