Higher-than-expected deposit withdrawals by customers at Silvergate Capital is ringing the alarm at JPMorgan.
Higher-than-expected deposit withdrawals by customers at Silvergate Capital are ringing the alarm at JPMorgan. Analyst Steven Alexopoulos downgraded shares of the cryptocurrency company to neutral from overweight, citing concerns as client deposits decline. Silvergate on Thursday disclosed preliminary fourth-quarter results that showed a 68% drop in total deposits as FTX erupted in scandal. The company also shared a loss of $718 million as it sold $5.2 billion of debt securities to raise cash.
"The implications to the company's business from the significant reduction in client deposits has near- as well as longer-term impacts," he added. Thursday's news pushed shares down more than 42% on the day. The stock fell another 17% before the bell on Friday. Silvergate also shared plans to reduce its workforce by 40%.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Silvergate Capital shares sink as crypto-related deposits plungeSilvergate Capital Corp reported a sharp drop in fourth-quarter crypto-related deposits on Thursday and said it would cut its workforce by 40%, or about 200 employees, as withdrawals surged following the collapse of industry major FTX.
Weiterlesen »
Stocks making the biggest moves midday: Silvergate Capital, Bed Bath & Beyond, Walgreens and moreThese are the stocks posting the largest moves in midday trading.
Weiterlesen »
Silvergate Stock Crashes Nearly 50% As Bank Grapples With Crypto CrisisCustomers withdrew more than $8 billion from the crypto-focused bank over the last three months of 2022.
Weiterlesen »
Silvergate Stock Crashes Nearly 50% As Bank Grapples With Crypto CrisisCustomers withdrew more than $8 billion from the crypto-focused bank over the last three months of 2022.
Weiterlesen »
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTXThe U.S. is seizing assets tied to FTX valued at hundreds of millions of dollars, including Robinhood shares and money in Silvergate accounts
Weiterlesen »
Feds move to seize Robinhood shares, Silvergate accounts tied to FTXFederal authorities are moving to seize hundreds of millions of dollars in assets in the U.S. tied to the bankrupt cryptocurrency exchange FTX, a sign that...
Weiterlesen »