Collapse of Bank Shares around the World after the Bankruptcy of American SVB and Signature Bank

Bank shares around the world collapsed despite assurances from US President Joe Biden that the US financial system is safe, the BBC reported.

The decline in the stock's value comes after Biden vowed to do whatever it takes to protect the banking sector following the collapse of Silicon Valley Bank and Signature Bank.

However, investors fear that other financial institutions may also suffer and this has led to a sharp fall in stock prices globally.

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