US Bank Stocks Plummet After Biden's Statement

Following President Biden's statement that the banking system is safe, US bank stocks experienced a sharp decline. Additionally, bank stocks in the EU also witnessed significant drops, with Credit Suisse down 14%, UniCredit down 9%, Deutsche Bank and Raiffeisen down 7%, KbW down 12%, Sabadell down 10%, and Santander down 8%.

It is noteworthy that during his speech regarding issues in the American banking system, President Joe Biden mentioned that the leadership of the bankrupt financial institutions would be removed from their positions and held accountable.