A dramatic rescue of embattled Silicon Valley Bank failed to quell market volatility: First Republic Bank shares plunged by more than 60% PacWest tumbled by more than 37% Western Alliance cratered by over 68%
: First Republic is now in the crosshairs of jittery investors, in the midst of broader worries about athat despite fears of a crisis, the U.S. financial system is safe, and that his administration would seek stronger banking regulations after the SVB rescue.with the Federal Reserve and JPMorgan Chase to bolster its liquidity.
By Monday, however, the effect had worn off. Stock futures pointed to a sharply lower open on Wall Street. Treasury bond yields plunged as investors briefly shrugged off fears of: "There have been increasing calls for the Fed to pause its tightening cycle amidst current banking sector stress.
"The reality is somewhat more complex, and those betting on the Fed to end its tightening cycle early because of current banking sector stress may be misguided," he added.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Read more »
First Republic Bank's stock tumbles amid fears SVB turmoil will spreadFirst Republic Bank's stock craters 60% after it taps backstop billions to shore up liquidity
Read more »
First Republic Bank shares fall more than 60% after collapse of SVB, SignatureThe San Francisco-based First Republic Bank is a regional lender with more than $216 billion in assets under management.
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.
Read more »
US regulators say SVB customers will be made whole as second bank fails | CNN BusinessIn an extraordinary action to restore confidence in America's banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday.
Read more »
Founders swarmed SVB’s Bay Area branches looking for answers after bank's historic failureSilicon Valley Bank's clients went to physical branches on Friday searching for answers as the bank rapidly collapsed.
Read more »