Banking Selloff Goes Global After SVB Trouble. HSBC, BNP Paribas, UBS Tumble.

The selloff in the banking sector spread across the globe on Friday after


SVB Financial Group


said it was forced to unload assets at a loss following a decline in deposits.

HSBC


(ticker: HSBA.UK), Europe’s biggest bank, was down 5.2% in London trading. France’s


BNP Paribas


(BNP.France) fell 4.5%, and Switzerland’s


UBS


(UBSG.Switzerland) declined 4.6%.


Credit Suisse


(CSGN.Switzerland) hit a record low, falling 4.2%.