Synopsis
Several brokerages downgraded or cut their price targets on the bank’s stock after a preliminary earnings report in which crypto-focused Silvergate Bank also said it would cut its workforce by 40%, or about 200 employees, as it tries to rein in costs amid a deepening industry downturn.
Several brokerages downgraded or cut their price targets on the bank’s stock after a preliminary earnings report in which crypto-focused Silvergate Bank also said it would cut its workforce by 40%, or about 200 employees, as it tries to rein in costs amid a deepening industry downturn.
“These events highlight Silvergate Bank’s significant operating challenges, in particular the profitability, funding, and liquidity risk associated with amplified deposit volatility,” said Sadia Nabi, a senior analyst in the financial institutions group at Moody’s.
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