First Republic shares slid almost 33% after deposit infusion, dragging down other regional banks
Publishing timestamp: 2023-03-17 20:15:03
Summary
First Republic Bank received a $30 billion deposit from 11 other banks in an attempt to instill confidence, but concerns remain about the bank's future. Atlantic Equities downgraded the bank to neutral and suggested it may need an additional $5 billion in capital. Shares of First Republic dropped 32.8%, making it the worst performer in the SPDR S&P Regional Banking ETF. The bank is exploring strategic options, including a full sale or divestment of parts of its loan portfolio. Late Friday, it was reported that First Republic was in talks to raise capital by selling shares to other banks or private equity firms, or possibly selling the entire bank.
Sentiment: NEGATIVE
Tickers: KEY, FRC, KRE, PACW, WAL, USB,
Keywords: pacwest bancorp, spdr s&p regional banking etf, markets, investment strategy, banks, us bancorp, stock markets, first republic bank, keycorp, business news, wall street, western alliance bancorp, breaking news: markets,