Regional bank stocks drop for second day after First Republic failure

📆 02/05/2023 21:57:00
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Some investors are also concerned about the long-term impact of the JPMorgan deal for First Republic.

However, analysts have said JPMorgan Chase’s acquisition of a majority of First Republic’s assets has Shares of PacWest Bancorp tumbled nearly 25%, while Western Alliance Bank and KeyCorp fell 19% and 9%, respectively.

“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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US regional bank stocks fall for second day as First Republic failure weighsShares of major U.S. regional banks fell further on Tuesday in the aftermath of the collapse of First Republic Bank , the largest U.S. bank failure since the 2008 financial crisis.
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