Shares in several US regional banks closed sharply lower on Monday despite efforts by president Joe Biden to reassure investors Washington regulators would do “whatever is needed” to protect depositors.
San Francisco-based First Republic led the sell-off, finishing down 62 per cent in New York, having fallen as much as 75 per cent earlier in the trading day. Trading in its shares and those of several other US lenders were halted multiple times because of volatility.
Investors dumped the stocks even after the Federal Reserve and Treasury boosted lenders’ access to quick cash following the government takeovers of Silicon Valley Bank and Signature Bank.
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