U.S., Europe in bank turbulence, triggering fears globally

"Unfortunately, I have a feeling that what the government has done so far has not quite worked. I am afraid more will need to happen," said Peter Cohan, associate professor of Management Practice at Babson College, a private business school in Massachusetts.

* Rating agency Moody's has downgraded its outlook on the entire U.S. banking system from stable to negative, citing "rapidly deteriorating operating environment" in the wake of SVB collapse.