CNBC Daily Open: First Republic Bank is trying to save itself
Publishing timestamp: 2023-03-21 02:24:17
Summary
Despite the forced takeover of Credit Suisse by UBS, which was intended to stabilize the banking sector globally, First Republic Bank continued to sink after Standard & Poor's cut its credit rating. JPMorgan Chase is advising First Republic on strategic alternatives. Other regional banks in the US managed to rebound. Markets staged a relief rally, but there are signs of increasing market instability. Analysts suggest there is no good path forward for the Fed, and investors might want to heed warnings of a potential Minsky moment.
Sentiment: MIXED
Tickers: PACW, SBNY, JPM, GS, KEY, UBSG-CH, FRC, NYCB, CSG.N-CH,
Keywords: keycorp, signature bank, ukraine, business news, japan, goldman sachs group inc, federal reserve system, jpmorgan chase & co, economic events, markets, volodymyr zelenskyy, peter oppenheimer, fumio kishida, banks, federal reserve bank, pacwest bancorp, world markets, new york community bancorp inc, interest rates, south korea, credit suisse group ag, ubs group ag, first republic bank, united states, central banking,
Source: https://www.cnbc.com/2023/03/21/stock-markets-first-republic-bank-is-trying-to-save-itself.html