Bank of America Stock Falls Further Than Peers Premarket
Bank of America's stock skidded in premarket trading, with its losses outpacing big U.S. peers, amid concerns about whether unrealized losses on the bank's securities.
Shares of Bank of America shed 3.5% before the opening bell. In comparison, Wells Fargo declined 2.4%, Citigroup lost 1.4% and JPMorgan Chase fell 0.2%.
SVB was forced to sell some of its securities at a loss after deposits began fleeing the bank faster than expected.
The bank's disclosure that it lost nearly $2 billion selling those assets helped set in a motion a bank run that ended in the Federal Deposit Insurance Corp. seizing the bank.