Shares of First Republic Bank, Western Alliance and other banks rose ahead of the opening of the Wall Street Stock Exchange. The sector has been in tension for hours despite government calls for calm.
The actions from some US banks, hard hit by the closures of Silicon Valley Bank (SVB) and Signature Bank over the weekend, they shot this Tuesday morning in electronic operations ahead of the opening of the Wall Street Stock Exchange. The US banking sector is living in times of great tension, despite the government’s efforts to calm investors’ moods.
Bank of the First Republic It is the prime example of this situation of uncertainty experienced in the banking industry in the United States. This morning is almost recovered 47%, after Monday it had lost 50%. The San Francisco bank sought to calm investor sentiment on Sunday, saying it had further improved and diversified its financial position by accessing additional liquidity from the Federal Reserve Bank and JPMorgan Chase. He clarified that “total liquidity available and not used to fund operations exceeds $70,000 million.”
They have been through a similar situation other banking entities they started this morning revalue: The Western Alliance bank is down 49% yesterday and is up 36% today; PacWest has recovered 42% after falling nearly 50% yesterday; Comerica is up 21%, after losing 26%; Zions recovered 11% compared to Monday’s 18% drop; and Charles Schwab is up 12% after falling 8% yesterday.
To the large banking institutions have also taken an upward path this tuesday. Shares of JPMorgan Chase are up 2.25% before Wall Street opened, while Bank of America is up 5%, Citigroup is up 4.16%, Wells Fargo is up 4.17% and US Bancorp is up 6.7% .
The US banking sector is alive dizziness days since last Friday, the authorities have intervened at the California bank Silicon Valley Bank (SVB). The government and major financial institutions have repeatedly called for calm and ensured that the closure of the SVB was due to their idiosyncrasies and not weaknesses in the system.
However, his intervention infected other regional banks with similar characteristics, the major banks, and even spread to other international markets, causing major European banks to collapse.
Basically the risk assessment agency Moody’s changed its rating yesterday of the stable American banking system to negative “to reflect the rapidly deteriorating work environment following the runaway deposits at Silicon Valley Bank, Silvergate Bank (5.88%) and Signature Bank and the bankruptcies of SVB and Signature.”
Moody’s published a list of the most vulnerable US banks, citing the above, as well as Western Alliance, Comerica, Zions, UMB Financial Corporation and INTRUST.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
