Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

Shares in banks around the world slumped on Monday, despite reassurances from the US president that America's financial system is safe.

It comes after authorities had to step in to protect customer deposits when the US lenders Silicon Valley Bank (SVB) and Signature Bank collapsed.

Joe Biden promised to do "whatever is needed" to protect the banking system.

But investors fear other lenders may still be hit by the fallout, sparking sharp falls in share prices globally.

Earlier on Monday, Spain's Santander and Germany's Commerzbank saw their share prices dive by more than 10% at one point. read more