First Horizon shares plunged 36% after the news, while U.S.-listed shares of Toronto-Dominion Bank gained nearly 2%.
U.S. Federal Reserve Chair Jerome Powell on Wednesday reiterated the banking system remains resilient despite "strains" in March, after the central bank delivered a 25-basis- point rate hike and signaled a pause in its tightening cycle. Powell also said bank deposits had stabilized. "The Fed of course would react if a chaotic outflow of deposits from regional banks resumes," Citigroup analysts wrote in a note to investors. "That risk is more elevated after recent banking developments and can never be fully taken off the table."Chibuike OguhChibuike reports on mostly large U.S.-based private equity firms, including Blackstone, KKR, Carlyle, and Apollo.
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