Bank stocks tumble as First Republic deal fails to stem contagion fears

this week hasn't stemmed investor concerns about the financial prospects for other regional lenders.

"Wall Street is quickly hitting the sell button as banking turmoil appears it is not going away anytime soon and is ready to focus on the next weakest link — potentially distressed lenders with tremendous exposure to commercial real estate," Edward Moya, a senior market analyst at Oanda, said in a research note.

"That is not spurring the selling now," he said."Instead, the anxiety today is more philosophical, with people asking 'Why do you exist?' with regards to many regionals." Regional bank leaders say they've become collateral damage to Silicon Valley Bank's failure, but some banks showed signs of stress even before SVB's collapse. PacWest saw its deposits fall by $5.7 billion between January and March, Kevin Thompson, chief financial officer, said in an earnings call last week. Western Alliance, which also posted earnings last week, reported $3.3 billion in deposit outflows.

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Bank stocks continue to fall following First Republic demiseRegulators have barely written the epitaph for First Republic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail. Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to uninsured deposits and commercial banks like Western Alliance Bank, PacWest Bancorp, Comerica and Zions Bank. Shares of Western Alliance were down 17% in afternoon trading and PacWest dropped 25%, with trading of both stocks halted briefly due to high volatility. The ongoing concern among investors and regulators is that banks such as PacWest have large amounts of uninsured deposits _ those above $250,000.
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PacWest falls 30% as regional banks stocks slide to new lowsRegional bank stocks saw their losses for the week deepen as investors digest the failure of First Republic.
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Stocks making the biggest moves midday: Uber, Chegg, Dell, PacWest, SoFi & moreThese are the stocks posting the largest moves in midday trading.
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