Efter UBS erhvervede Credit Suisse og tæt på et dusin finansielle institutioner indsprøjtet $30 milliarder ind i First Republic Bank for fire dage siden, S&P Global nedjusterede i søndags First Republics aktier til junkstatus. Investorer er bekymrede over, at kontantinfusionen fra 11 major financial institutions may not address the bank’s liquidity issues. First Republic’s shares fell more than 15% on Monday morning when Wall Street opened and by 1:15 om eftermiddagen. (ET), the stock was down more than 25%.
Indhold
Omkring kl 1:15 om eftermiddagen. Eastern Time on Monday, marts 20, 2023, shares of San Francisco-based First Republic Bank (NYSE: FRC) were down more than 25% mod U.S.A. dollar. The commercial bank and wealth management services provider recently received $30 billion from 11 større banker, including Bank of America, Citigroup, marts, JPMorgan Chase, Morgan Stanley, Wells Fargo, BNY Mellon, PNC Bank, State Street, Truist Bank, and US Bank, marts 16.
Imidlertid, the cash infusion has not helped First Republic as S&P Global reduced the bank’s stock (FRC) til junk status, citing concerns that the recent help from 11 banks may not alleviate First Republic’s problems. This was the second downgrade of FRC in less than a week. First Republic has attempted to raise capital by issuing more shares and seeking investment from private equity firms and smaller banks.
This is First Republic’s second attempt to raise capital since marts 10, and then it received the deposit injection from the major lenders six days later. CNN contributor Allison Morrow was told that First Republic is facing a fate similar to that of Silicon Valley Bank (SVB) due to being a “Bay Area-based lender with a deep-pocketed client base.” Patricia McCoy, a law professor at Boston College, fortalte Morrow that depositors are “particularly trigger-prone.”
“They’re sophisticated, they know they have other options, and they have mechanisms in place to move money quickly,” McCoy added.
At 1:15 om eftermiddagen. (ET) marts 20, 2023, First Republic’s shares are down more than 25% this afternoon and trading for just above $17 per share. The bank’s shares reached an all-time intraday low while other banks managed to weather the storm on Monday following the Credit Suisse buyout.
What do you think about S&P Global downgrading First Republic Bank’s stock to junk status on Sunday? Del dine tanker om dette emne i kommentarfeltet nedenfor.
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