Synopsis Calling it “a matter of concern” when banks experience losses, Treasury Secretary Janet Yellen told lawmakers on Capitol Hill the department was monitoring the situation. Bank stocks weighed on overall US stock market with the S&P 500 down 0.7%. SVB Financial Group is exploring options, including a sale, after its efforts to raise capital through a stock sale failed, sources familiar with the matter said on Friday, as a crisis at the tech-heavy lender rippled through global markets and hit banking stocks. Shares of SVB were halted on Friday after tumbling as much as 66% in premarket trading. SVB, which does business as Silicon Valley Bank, was not immediately available for comment. Treasury Secretary Janet Yellen told lawmakers on Capitol Hill Friday the department was aware of recent developments and was monitoring the situation, calling it “a matter of concern” when banks experience losses, according to CNBC. SVB has abandoned a planned equity raise, casting doubt on its efforts to shore up capital. It was planning to raise $2.25 billion across common shares, convertible preferreds and a commitment from General Atlantic in a deal run by Goldman Sachs Group to raise funds as technology startups facing a cash crunch… Read full this story
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