US President Joe Biden said on Friday that the banking crisis after the recent collapse of Silicon Valley Bank (SVB) and Signature Bank has calmed down, Reuters reports.

“Yes,” Biden told reporters when asked if the banking crisis had subsided.

Financial stocks have lost billions of dollars since last week’s collapse.

California regulators shut down Silicon Valley Bank last Friday and appointed the Federal Deposit Insurance Corporation as administrator. It was the biggest collapse since Washington Mutual went bankrupt during the 2008 financial crisis.

On Friday, the bank’s parent company, SVB Financial Group, said it had filed for Chapter 11 bankruptcy protection.

Credit Suisse shares resumed losses on Friday, falling 8 percent as investor confidence remained fragile after the $54 billion bailout the Swiss bank received this week from the Swiss National Bank, Reuters reported.

Credit Suisse has recorded net outflows of more than $200 million from its U.S. and European managed funds since March 13, Morningstar Direct said.

On Thursday, DBRS Morningstar became the first global rating agency to downgrade the bank’s credit rating, downgrading it to ‘BBB’, which is still investment grade.

The head of Credit Suisse’s Swiss unit said late on Thursday that the new funding would allow the bank to continue with its recovery plan, although it may take time to restore customer confidence.