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Search resuls for: "Medha Singh Ankika Biswas"


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☆ First Republic shares tumble again as liquidity fears linger
  + stars: | 2023-03-20 | by ( Medha Singh Ankika Biswas | Medha Singh | Ankika Biswas | ) www.reuters.com   time to read: +6 min
March 20 (Reuters) - Shares of First Republic Bank (FRC.N) closed 47% lower on Monday, adding to recent losses as concerns about its liquidity continued to worry investors despite a $30 billion influx of deposits last week. The bank's stock fell as much as 50% and closed at $12.18 after the New York Stock Exchange halted it several times due to volatility. S&P Global downgraded First Republic deeper into junk status on Sunday and said the recent cash infusion from 11 large U.S. banks last week may not solve its liquidity problems. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. First Republic Bank's stock market collapseFirst Republic's stock market value has collapsed by over 80% in the past 10 trading sessions due to fears of a bank run as a large proportion of the lender's deposits are uninsured.
☆ Credit Suisse rescue eases crisis fears, First Republic shares dive
  + stars: | 2023-03-20 | by ( Noel Randewich Medha Singh Ankika Biswas | Noel Randewich | Medha Singh | ) www.reuters.com   time to read: +7 min
March 20 (Reuters) - Shares of U.S. lender First Republic tumbled nearly 50% on Monday on fears it will need a second rescue to stay afloat, bucking a broader rally in bank shares driven by UBS Group's state-backed takeover of Credit Suisse. "First and foremost, the Credit Suisse, UBS merger certainly takes a lot of stress out of the global banking system." The 3 billion Swiss franc ($3.2 billion) deal for the troubled Swiss bank - which was once worth more than $90 billion - was engineered by Swiss regulators and announced on Sunday. European bank shares (.SX7P) rebounded from recent losses, while on Wall Street the S&P 500 banks (.SPXBK) index recovered 0.6%. [1/2] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland March 20, 2023.
☆ First Republic shares tumble again as liquidity worries linger; peers rebound
  + stars: | 2023-03-20 | by ( Medha Singh Ankika Biswas | Medha Singh | Ankika Biswas | ) www.reuters.com   time to read: +3 min
March 20 (Reuters) - Shares of First Republic Bank (FRC.N) extended a recent slump on Monday with a 15% drop, after a report the regional bank could raise more money fanned worries about its liquidity despite a $30 billion rescue last week. On Sunday, Reuters reported that the lender was still trying to put together a capital raise but that no deal was imminent. Short sellers in First Republic made about $560 million profit on paper since last Monday, analytics firm Ortex said. The S&P 1500 regional banks index (.SPCOMBNKS) added nearly 3.4%, while S&P 500 banks (.SPXBK) gained 2.3%. A U.S. official told Reuters on Sunday that the deposit outflows that left many regional banks reeling in the wake of Silicon Valley Bank's failure had slowed and in some cases reversed.
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