On Tuesday, several regional banks such as Pacwest and WesternAlliance experienced a significant drop in their stock prices.
Besides Pacwest shares dropping over 35%, trading was halted due to volatility concerns. Other banks experiencing losses on Tuesday include Western Alliance and Metropolitan Bank, whose stocks have also seen sharp declines during today’s trading sessions. Amidst this turmoil within bank equities, CFRA analyst Alexander YokumMarketwatch that while taxpayers will not be responsible for these failures, financial institutions are likely to increase fees.
“All the costs of bank failures will be borne by banks and not taxpayers, although we expect banks to indirectly pass along many of these costs to customers through higher fees and higher interest rates on loans,” Yokum stated. The collapse of First Republic Bank has left Wall Street investors uneasy, even though JPMorgan Chase CEO Jamie Dimon
on Monday that “this part of the crisis is over” after taking over the struggling bank. While conventional equity markets are down, cryptocurrencies and precious metals have experienced growth amidst the banking industry’s tribulations.
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