First Republic and Western Alliance shares paused for trading jitters

Banking sector stocks taking a hit, First Republic down 77% Western Alliance 83%

even Schwaub is down 20%

www.marketwatch.com...

Referenced Symbols
FRC
-77.72%
WAL
-83.70%
BKX
-13.30%
JPM
-1.30%
SIVB
SI
-5.16%
SBNY
-22.87%

Trading in shares of First Republic Bank and Western Alliance Bancorp. was paused after steep initial losses on Monday as bank solvency fears persisted Monday following the failure of SVB Financial and Silvergate last week.

First Republic Bank’s FRC, -77.72% stock initially dropped 65% in morning trades after big losses late last week.

Western Alliance Bancorp’s WAL, -83.70% stock also fell sharply, dropping 75%. The selloff of the Arizona-based bank’s stock was set to surpass its record one-day drop of 39.4% suffered on Sept. 19, 2008, in the midst of the financial crisis.

The KBW Nasdaq Bank Index BKX, -13.30% fell 12% Monday morning.

a reply to: putnam6

This is interesting, BTC and other related crypto are on the rise.

Not looking good if this keeps up...

a reply to: putnam6

From the Wall Street Journal:

Shares of First Republic Bank plunged in premarket trading, leading losses among regional banks, despite efforts by U.S. regulators to calm investors after the collapse of Silicon Valley Bank.

First Republic shares were recently down 63% premarket after sliding more than 70% earlier. The bank said Sunday that it had shored up its finances with additional funding from the Federal Reserve and JPMorgan Chase.

Other U.S. financial institutions, both big and small, were hit hard in Monday's premarket session. Among the other notable moves:

Western Alliance Bancorp's shares slid 68%
PacWest Bancorp's stock tumbled 44%
Comerica's stock fell 23%
Zion Bancorporation's stock fell 27%
Fifth Third Bancorp's stock lost 10%
Charles Schwab's shares lost 11%
Bank of America's stock fell 4.2%
Wells Fargo's stock slid 3.1%