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Reuters
First Republic shares dive on contagion fear, dragging U.S. regional banks
(Reuters) -Shares of U.S. regional banks slumped on Monday, led by sharp losses in First Republic Bank as news of fresh financing failed to assuage fears of possible bank contagion following the collapse of SVB Financial Group and Signature Bank. San Francisco-based First Republic has been able to meet withdrawal demands with the help of additional funding from JPMorgan Chase & Co, the mid-cap lender’s executive chair, Jim Herbert, told CNBC. Other regional lenders also tumbled, with Western Alliance, KeyCorp, Comerica Inc, Huntington Bancshares Inc and PacWest Bancorp down between 16% and 29%.
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