Bank of America Corp BAC shares are trading lower by 4.56% to $27.65 Friday morning. Shares of several companies in the broader financial industry, including Bank of America, are trading lower on continued downward momentum in the sector amid volatility and stability concerns following multiple bank failures.
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SVB Financial Group SIVB hasfiled a voluntary petitionfor a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value.
SVB Securities, SVB Capital's funds, and general partner entities are not included in the Chapter 11 filing. These businesses will continue to operate normally as SVB Financial Group proceeds with its previously announced exploration of strategic alternatives announced on Monday but did not disclosebankruptcy as one of the potential options…Read More
According to data fromBenzinga Pro, BAC has a 52-week high of $44.63 and a 52-week low of $27.64.