US Stock Market Movement | UK Private Credit Institution MFS "Explodes", Bank Stocks Continue to Fall in Pre-market Trading

格隆汇 March 2｜Bank stocks continued the decline from the previous trading day in pre-market trading, with Barclays down 4.5%, HSBC Holdings down 3.9%, UBS down 2.9%, Citigroup, Bank of America, and Santander down about 2%, and JPMorgan down 1.6%. On the news side, UK private credit institution MFS, backed by Wall Street, "exploded," officially entering bankruptcy administration last week. Court documents show that the institution may have secretly pledged the same batch of assets multiple times to different lending institutions, known as "double pledging," resulting in a collateral gap of up to 930 million pounds. Sources said Barclays and Apollo Global Management's structured credit division Atlas each provided loans worth hundreds of millions of dollars, while Santander and Castlelake LP were also among the lenders.