First Republic Bank Plunges 66%, Western Alliance Down 62%
Mar 14, 2023 1:50:18 GMT -5
Post by ExquisiteGerbil on Mar 14, 2023 1:50:18 GMT -5
First Republic Bank Plunges 66%, Western Alliance Down 62%, Customers Begin Lining Up
Frank Bergman
March 13, 2023 - 12:31 pm
The banking crisis deepened on Monday morning as several banks plunged in pre-market trading, causing customers to begin lining up to withdraw their funds.
The news comes after the implosion of Silicon Valley Bank (SVB) on Friday, marking the second-largest U.S. bank collapse in history.
On Sunday evening, regulators also shut down New York’s Signature Bank, striking more fears into the banking world.
The knock-on effects now appear to be hitting other banks hard.
Before Monday’s open, First Republic Bank was down a whopping 66% this morning.
The Western Alliance Bancorporation is also down 62%.
On Sunday First Republic Bank announced a strengthening and diversification of their liquidity position.
Then the bank plunged 66% overnight.
Bank customers started lining up in California on Sunday.
In a speech on Monday, Democrat President Joe Biden told the American people that investors will “lose their money” because “that’s how capitalism works.”
link
Frank Bergman
March 13, 2023 - 12:31 pm
The banking crisis deepened on Monday morning as several banks plunged in pre-market trading, causing customers to begin lining up to withdraw their funds.
The news comes after the implosion of Silicon Valley Bank (SVB) on Friday, marking the second-largest U.S. bank collapse in history.
On Sunday evening, regulators also shut down New York’s Signature Bank, striking more fears into the banking world.
The knock-on effects now appear to be hitting other banks hard.
Before Monday’s open, First Republic Bank was down a whopping 66% this morning.
The Western Alliance Bancorporation is also down 62%.
On Sunday First Republic Bank announced a strengthening and diversification of their liquidity position.
Then the bank plunged 66% overnight.
Bank customers started lining up in California on Sunday.
In a speech on Monday, Democrat President Joe Biden told the American people that investors will “lose their money” because “that’s how capitalism works.”
link