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Is It Wet Yet?

File: 3f1fbdc4641189e⋯.jpg (141.19 KB,1200x795,80:53,pic.jpg)

3027be No.301856

By: Joshua Bote


Despite 11 of the United States’ largest banks chipping in a cool $30 billion to aid San Francisco’s First Republic Bank, the bank’s shares have failed to steady in the stock market — capping off a chaotic week for the bank and for the broader financial milieu.

Shares of First Republic stock dropped by as much as 30% Friday, with shares selling at just over $25 apiece at one point. Shares closed at $34.27 Thursday.

The decline comes despite what the Financial Times reports as “negligible” deposit outflows from the bank and a gargantuan show of support from competing banks. Thursday, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo each put in $5 billion in uninsured deposits to First Republic, with Morgan Stanley, Goldman Sachs, BNY Mellon, State Street, PNC Bank, Truist and U.S. Bank chipping in $10 billion among them.

>>In a joint statement, the banks said, “The actions of America's largest banks reflect their confidence in the country's banking system.” And in its own statement, the Treasury Department said that this “show of support … is most welcome, and demonstrates the resilience of the banking system.”


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