WASHINGTON (Reuters) – President Joe Biden said on Tuesday he has done what is possible to address the banking crisis with available authorities but that it is “not over yet.”
The failures of SVB, and days later, Signature Bank, set off a broader loss of investor confidence in the banking sector that pummeled stocks and stoked fears of a full-blown financial crisis.
A deal to rescue Swiss bank Credit Suisse last week and a sale of SVB’s assets to First Citizens Bancshares this week has helped restore some calm to markets, but investors remain wary of more troubles lurking in the financial system.
(Reporting by Andrea Shalal and Nandita Bose in Washington; Editing by Chris Reese)
