SVB Financial seeks bankruptcy protection as banking turmoil persists
SVB Financial Group (SIVB.O) said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators.
The move to commence bankruptcy proceedings comes as emergency measures to shore up confidence have so far failed to dispel worries about a financial contagion.
Shares of big banks fell between 1.5% and 3% in early trading.
Financial stocks have lost over billions of dollars in value since the collapse of Silicon Valley Bank and Signature...