Regional and big bank stocks pare early gains to trade lower premarket as fears of banking crisis rise

Regional banks pared their early gains to trade lower in premarket trade Wednesday, after Bloomberg reported that Bank of America had received more than $15 billion in customer deposits recently following the failure of three banks in the space of a week. Meanwhile, in Europe, Credit Suisse shares fell to a new record low, pressuring the broader market and the rest of the European banking sector and Dow futures YM00, -1.73% tumbled more than 500 points. First Republic Bank FRC, +26.

was down 5% and Western Alliance Bancorp. WAL, +14.36% was down 2.3%. The big banks also moved lower with JP Morgan Chase JPM, +2.57% down 2.3%, Citigroup C, +5.95% down 4.1% and Bank of America Corp. BAC, +0.88% down 3%.

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