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We believe the sell-off is overdone, triggering BAC's stock declines by -15.54% at the time of writing, near its pre-pandemic levels. Anyone concerned about a spreading contagion to BAC might be well assured, with $15B of deposits flowing in recently.
The nation's banking giants will be beneficiaries of the industry's turmoil. They have cheap stocks, and hefty dividend yields.
"I don't think this is good for America," Bill Ackman tweeted.
Eleven large U.S. banks are making uninsured deposits totaling $30 billion into First Republic Bank.
The collapse of Silicon Valley Bank has caused major concerns about the stability of lesser-known regional banks.
Eleven banks deposit a combined $30 billion into First Republic Bank in a move to stabilize the regional bank amid financial system woes.
A rescue of First Republic by big banks wouldn't put to bed emerging questions about the banking system.
America's largest lenders are reportedly considering a plan to rescue the embattled First Republic Bank. JPMorgan Chase, Bank of America and Wells Fargo are working together to offer a capital infusion to the struggling bank, the Wall Street Journal (WSJ) reported Thursday (March 15), citing unnamed sources.
First Republic Bank was caught in the wake of Silicon Valley Bank's collapse over the weekend and saw its shares plunge earlier this week. Shares were rebounding as this new development emerged.
Analysts at JP Morgan (NYSE: JPM) said yesterday that up to $2 trillion in liquidity could be added to the US banking system, as reported by Bloomberg.