Why Signature Bank Stock Fell 11.2% This Week
As of noon ET Friday, Signature Bank's (NASDAQ: SBNY) stock price had plummeted by 11.2% this week, according to S&P Global Market Intelligence. Trading at about $120 per share, the stock was down by 62% year to date.
The broader market indexes were also lower for the week, with the Dow Jones Industrial Average down 1.9%, the S&P 500 off 2.4%, and the Nasdaq Composite down 2.9%.
Signature Bank, also known as Signature Bank of New York, has been hit harder than most financial institutions this year due mainly to its exposure to the cryptocurrency sector. Signature Bank is one of only a few major banks that serves the crypto industry. It has its own blockchain-based real-time payments network called Signet, which facilitates the trading of digital assets between institutional traders and crypto exchanges.
Source Fool.com
