The San Francisco-based First Republic Bank is a regional lender with more than $216 billion in assets under management.
The San Francisco-based First Republic Bank, a regional lender with more than $216 billion in assets under management, led Monday’s decline in the banking sector — fueling more fears that large financial institutions were at risk.
Charles Schwab’s stock price fell by some 12% before the opening bell on Monday while Bank of America shares shed around 4%. “Shares of First Republic and PacWest Bancorp set to open way down today,” Rattner tweeted on Monday morning.The Biden administration on Sunday sought to head off a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank, Signature, was shut down.
The near-financial crisis that US regulators had to intervene to prevent left Asian markets jittery as trading began Monday.
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