Billions were wiped off the value of US lenders last night

 as aftershocks from the collapse of Silicon Valley Bank (SVB) continued to rattle the markets.

State Street, one of America’s oldest banks, saw its share prices tumble after revealing that clients had pulled tens of billions of dollars at the start of the year.

Schwab's results also revealed it had bolstered its finances by borrowing $45.6bn from the Federal Home Loan Bank system – a move sometimes viewed as a sign of financial stress.

News of the withdrawals sparked concerns at other US banks. Northern Trust was down 6pc and BNY Mellon fell 7pc.

The downbeat figures fuelled fears that the US financial system could experience further turbulence in the wake of the worst banking crisis since 2008. 

Telegraph 17 April 2023

https://www.telegraph.co.uk/business/2023/04/17/ftse-100-markets-live-news-imf-boe-latest/