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Being a bank investor was already hard enough in 2023. Shareholders who thought rising interest rates were a one-way bet realised otherwise when losses on long-term bonds helped sink Silicon Valley Bank. OSB , a specialist UK mortgage lender, just threw another curveball. The group’s market value, which was 2 billion pounds ($2.5 billion) when markets closed on Thursday, fell by one-quarter on Friday, after a trading statement released the previous evening. In it, OSB said it will take a roughly 170 million pound hit to revenue because customers were refinancing home loans quicker than expected.

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