Bond-market crash leaves big banks with $650 billion of unrealized losses as the ghost of SVB continues to haunt Wall Street

• Big banks are sitting on $650 billion of unrealized losses, Moody’s has estimated.
• It’s a sign even Wall Street’s best-known names are feeling the heat from the Treasury-market rout.
• Crashing bond prices sank Silicon Valley Bank earlier this year, and there may be more chaos to come.

Crashing bond prices sank Silicon Valley Bank in March — and there’s reason to believe that what triggered the California lender’s collapse may be haunting Wall Street again.

The brutal Treasury-market meltdown has hit some of the largest financial institutions hard, dragging down the share prices of big names such as Bank of America and fueling fears that the turmoil triggered by SVB’s bankruptcy may not be over just yet.