(Finance) – Shares Silicon Valley Bank have been suspended from trading on Wall Street pending communications. The bank’s stock was down 62% just before the start of the session on the US stock exchange.
The bank yesterday unexpectedly announced a plan to bulk up its finances, after it lost $1.8 billion on the sale of a $21 billion investment portfolio, mostly made up of US Treasuries.
Now SVB would be evaluating the option to put itself up for sale, after the failure of the plan to collect. This was reported by CNBC citing some sources and adding that the US Treasury monitors Silicon Valley Bank and its possible contagion effects on the system.