was down 5.2%, hitting its lowest since December 2020.
"If a 'confidence crisis' can happen to First Republic, it can happen to any bank in this country," said Jake Dollarhide, chief executive officer of Longbow Asset Management.Some investors are also concerned about the long-term impact of the JPMorgan deal, which risks worsening the "too-big-to-fail" problem regulators have been trying to solve for years.
"While we think this deal underscores all of JPM's key strengths, we can't help but try to read into what it means if our biggest bank is the government's first line of defense," analysts at Evercore ISI wrote in a note.
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