The Nasdaq Stock Market announced on Friday it will delist several companies, including the collapsed Signature Bank and SVB Financial Group, the parent company of the collapsed Silicon Valley Bank.
The exchange stressed that common stock and preferred stock of SVB Financial and Signature Bank will be delisted since the two companies' securities have been suspended on March 28 and have not traded since.
Earlier in the day, the United States Federal Deposit Insurance Corporation (FDIC) stated that its review concluded that "poor management" and to the collapse of the Signature Bank, while the Federal Reserve concluded that the supervisors of Silicon Valley Bank failed to take sufficient action even after finding vulnerabilities in the way the bank conducted its business.
