Hedge Funds Hunt Bargains And Buy Tech After SVB Collapse
The collapse of SVB Financial Group ignited a sell-off in regional bank stocks, the likes of which has not been seen since the financial crisis.
Among the hardest hit were First Republic Bank, Western Alliance, Independent Bank, and PacWest. All saw their market capitalizations slump as investors rapidly reconsidered their exposure to the sector.
While First Republic has since received a $30 billion bailout, funded by a consortium of rival banks, in an attempt to try and restore confidence and stabilize the banking sector, it’s clear from the bank’s stock price, and that of its peers, investors . . .
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