First Republic Bank's stock fell more than 60% in premarket trading Monday as investors fretted about the bank's stability.
The lender said over the weekend that it's getting $70 billion in funding from JPMorgan and the Fed's backstop for depositors. There are fears that Silicon Valley Bank's turmoil could spread to US regional banks such as First Republic. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox.
Maybe fractional reserve banking was a bad idea? Who knew that not requiring banks to hold some sort of reserve would be a bad thing?
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First Republic drops 60%, leads decline in bank stocks despite government's backstop of SVBFirst Republic Bank led a decline in bank shares Monday that came even after regulators extraordinary actions Sunday evening. It’s amazing the amount of people you bring on to cheerlead the government’s bailout. selfserving in fact, it's a privilege to reverse it. Somebody wake Biden up! Tell him he's President
Source: CNBC - 🏆 12. / 72 Read more »
JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources. This is pretty cool and interesting, but no matter what you are doing, don't depend on a single income and if you want to be financially free, invest for tomorrow's future. I've made over $50k in crypto with the help of. 📥👇👇
Source: Reuters - 🏆 2. / 97 Read more »
Dow futures unsteady as stock-market investors watch efforts to avert SVB-inspired bank crisisU.S. equity markets traded unevenly Sunday afternoon, in the aftermath of the failure of Silicon Valley Bank on Friday, which has cast a pall over the...
Source: MarketWatch - 🏆 3. / 97 Read more »
UK finance minister, Bank of England working to minimise SVB falloutBritain's finance ministry and the Bank of England are working together to minimise the disruption that could stem from the UK arm of collapsed U.S. bank Silicon Valley Bank, the ministry said on Saturday. When I see that headline, I hang onto my wallet that much tighter... At the end of 2022, SVB had $175.4 billion in deposits.
Source: Reuters - 🏆 2. / 97 Read more »