First Republic jumps nearly 30%, leads comeback rally in regional banks Tuesday
Publishing timestamp: 2023-03-21 18:01:47
Summary
First Republic Bank's stock soared after a group of 11 banks, led by JPMorgan Chase, deposited $30 billion into the bank. First Republic had been seen as one of the remaining regional banks most at risk for the same fate as Silicon Valley Bank due to its large percentage of uninsured deposits. The Treasury Department is studying whether regulators have the authority to temporarily insure deposits above the current Federal Deposit Insurance Corp. cap without approval from Congress. Meanwhile, First Republic has selected Lazard to help with a review of strategic options, including a possible capital raise or sale.
Sentiment: MIXED
Tickers: HBAN, PACW, JPM, CFG, KEY, FRC, USB, WAL, KRE,
Keywords: jpmorgan chase & co, financials, banks, first republic bank, keycorp, breaking news: markets, markets, pacwest bancorp, us bancorp, david faber, janet yellen, western alliance bancorp, citizens financial group inc, business news, huntington bancshares, spdr s&p regional banking etf,