US regional bank stocks fall for second day as First Republic failure weighs

  • 📰 Reuters
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Shares 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.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines