Deep Dive: Banks on shaky ground following instability in sector

The S&P Banks Select Industry index fell 22.5% throughout March and has yet to recover from its lowest point since 2020, according to data from MarketWatch. Duncan MacInnes, investment director at Ruffer, described this not as a bank run, but "more of a jog", as depositors moved into treasuries and money market funds to avoid the risk that their bank could be next to fall. He explained this was because, as seen in SVB, First Republic, or Credit Suisse, "it is impossible to know what the assets or liabilities are, given the complexity of the businesses". Japanese bank SMFG first to ...