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The financial group of Silicon Valley Bank filed for bankruptcy protection

The request to initiate bankruptcy proceedings is aimed at strengthening trust in the financial group, as emergency measures have so far failed to dispel concerns about financial contagion, writes the Reuterswhich reminds us that financial stocks have lost billions of dollars in market capitalization since the collapse of Silicon Valley Bank and Signature Bank last week.

The recent announcement does not mean another bankruptcy, a similar move by the financial group was expected. A good part of the negative news has already appeared – Art Hogan, chief market strategist of B. Riley Wealth Management, tried to reassure the news agency.

Earlier this week, SVB said it was exploring various strategic alternatives for its businesses, including the holding company, SVB Capital and SVB Securities. The foundations and partnerships of the latter two are not listed in the Chapter 11 bankruptcy filing.

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