SVB Financial Group SIVB said in a filing Goldman Sachs Group Inc g s Had bought its bond portfolio before commencement of receivership for Silicon Valley Bank. The filing indicated that the book value of the portfolio was approximately $23.97 billion.
“As previously disclosed and prior to the commencement of receivership for Silicon Valley Bank, on March 8, 2023, Silicon Valley Bank will sell a portfolio of securities available for sale with a book value of approximately $23.97 billion for net proceeds Completed the sale. Approximately $21.45 billion (resulting in an after-tax loss of approximately $1.8 billion). The portfolio was sold to Goldman Sachs & Co. LLC at negotiated prices,” the group said in a filing. Reuters first reported the story.
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Shares of SVB Financial Group fell last week after it announced the completion of its securities sale. as wound down with the lender signature bank following suitBanking and financial stocks took a hit with investors weighing in on the possibility of the crisis turning into a contagion.
Price Action: Bank stocks rose slightly on Tuesday as fears of a possible contagion eased. shares of Western Alliance Bancorporation wall Billionaire closed 14.36% higher on Tuesday Kenneth Griffin-control Citadel Advisors LLC Disclosed 5.3% stake in the company.
First Republic Bank FRC Extended business increased by 26.98% and further increased by 8.5%. keycorp key The stock closed up 6.94%.
Shares of major banks also closed with gains on Tuesday. JP Morgan Chase & Co. jpm Shares closed up 2.57%, Citigroup Inc C Shares gained 5.95% Wells Fargo & Company wfc increased by 4.58%.
Meanwhile, the US Department of Justice And this Securities and Exchange Commission are probing the collapse of the Silicon Valley bank, according to one reports The Wall Street Journal cited people familiar with the matter. The separate investigations are in their early stages and may or may not result in allegations of wrongdoing, the report said.
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