Shares of First Republic Bank dipped in the early hours of trading on Friday, reversing earlier gains as investors digested news of a potential rescue deal brokered by the U.S. government.
A trader works at the post where First Republic Bank stock is traded on the floor of the New York Stock Exchange in New York City, U.S., March 16, 2023. REUTERS/Brendan McDermiddipped in the early hours of trading on Friday, reversing earlier gains as investors digested news of a potential rescue deal brokered by the U.S. government.
The Federal Deposit Insurance Corporation , the Treasury Department and the Federal Reserve are among government bodies that have started to orchestrate meetings with financial companies about a lifeline for the bank, ReutersThe government's involvement is helping bring more parties, including banks and private equity firms, to the negotiating table, one of the sources told Reuters.
Still, concerns remain that deposit declines at First Republic could worsen and spark a fresh meltdown in the U.S. banking industry even as it recovers from the collapse of two regional lenders last month.in the first quarter."The potential worst-case scenario stemming from the collapse of Silicon Valley Bank appears to have been averted," said Mark Haefele, chief investment officer at UBS Global Wealth Management in a note.
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