March's banking chaos gave short sellers their biggest profits since the financial crisis
Publishing timestamp: 2023-04-06 08:27:21
Summary
Hedge funds shorting bank stocks made a total of $7.25 billion in unrealized profit in March, their largest windfall since the 2008 financial crisis, according to data firm Ortex. The collapse of Silicon Valley Bank and the emergency rescue of Credit Suisse by domestic rival UBS headlined a chaotic month for the global banking sector, with fears of contagion sending shares tumbling across the US and Europe. Short sellers were sitting on more than $7 billion in profit from the mass sell-off of bank shares by the end of March, with those shorting Silicon Valley Bank topping the pile with unrealized profits totaling more than $1.32 billion.
Sentiment: NEGATIVE
Keywords: hedge funds, banks, securities fraud, markets, united states, business news, deutsche bank ag, u.s. economy, wall street, credit suisse group ag,