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Shares of SoFi Technologies (NASDAQ: SOFI ) plummeted 25% this week after the New York Stock Exchange announced it was delisting rival First Republic Bank from the exchange. The stocks of PacWest (NYSE: PACW ), Western Alliance Bancorporation (NYSE: WAL ) and SoFi would shed a combined $2.5 billion within days.
Gold prices hit a second yearly high on Wednesday as investors sought out safe-haven assets on news of further struggles among US regional banks. Gold reached US$2061.39 per ounce in the evening, according to Trading Economics, as news struck that US lender Pacific Western Bancorporation was seeking out a rescue deal.
American billionaire investor and hedge fund manager Bill Ackman has called on the US authorities to “wake up” and implement a systemwide deposit guarantee regime now. He argued First Republic Bank would not have failed if the FDIC temporarily guaranteed deposits while a new guarantee regime were created.
Western Alliance Bancorp. WAL, -4.40% posted updated financial information late Wednesday, in an effort to reassure investors of its strength, soundness and stability, after the stock was caught up in a selloff of regional banks.
Western Alliance Bancorp said on Wednesday it had not experienced unusual deposit outflows following the sale of collapsed lender First Republic Bank to JPMorgan Chase & Co , as the U.S. regional bank sought to reassure investors.
The banking crisis that began with the collapse of Silicon Valley Bank and now the failure of First Republic Bank is far more serious than it initially appeared.
Yahoo Finance Live anchors Julie Hyman and Brad Smith discuss the decline in regional bank stocks.
Fed Chair Jerome Powell answers questions from reporters after the central bank announced it was raising interest rates another 25 basis points.
Federal Reserve Chairman Jerome Powell attempted to reassure Americans that the U.S. banking system remains stable following JPMorgan Chase's JPM takeover of First Republic Bank earlier this week, the fourth U.S. bank failure this year.
Alan Schwartz, executive chairman at Guggenheim Partners, discusses the FDIC's role in the sale of First Republic Bank to JPMorgan Chase & Co., the factors behind the recent wave of regional bank failures and their impact on lending, and Federal Reserve policy. He speaks with Romaine Bostick at the Milken Institute Global Conference in Beverly Hills, California.