The selloff in the banking sector spread across the globe on Friday after
SVB Financial Group
said it was forced to unload assets at a loss following a decline in deposits.
HSBC
(ticker: HSBA.UK), Europe’s biggest bank, was down 5.2% in London trading. France’s
BNP Paribas
(BNP.France) fell 4.5%, and Switzerland’s
UBS
(UBSG.Switzerland) declined 4.6%.
Credit Suisse
(CSGN.Switzerland) hit a record low, falling 4.2%.
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