"Banking Crisis Continues: First Republic Collapse Triggers Sell-Off and Fear for Small Banks"
TL;DR
The collapse of First Republic Bank, the third major casualty of the biggest crisis to hit the U.S. banking sector since 2008, has sparked a sell-off in shares of several regional lenders. The KBW Regional Banking Index was down 1.9% on Monday, while shares of Citizens Financial Group, PNC Financial Services Group, Truist Financial Corp, and U.S. Bancorp fell between 1.2% and 7%. JPMorgan Chase & Co will pay $10.6 billion to the U.S. Federal Deposit Insurance Corp for most of the failed bank's assets. Mid-cap banks are also facing a massive challenge due to aggressive monetary policy tightening by the U.S. Federal Reserve.
Topics:businessfinance#finance#first-republic-bank#jpmorgan-chase#liquidity-crunch#regional-banks#us-federal-reserve
- First Republic collapse sparks regional bank shares sell-off Reuters
- First Republic, Silicon Valley Bank and Signature: How Banking Failures Compare The New York Times
- Another U.S. Bank COLLAPSES Amid Crisis Fears On Demand News
- Why First Republic Is Failing The Atlantic
- Why does the U.S. have so many small banks? And what does that mean for our economy? WUSF Public Media
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