First Republic Bank shares: The process of turmoil and drowning in banks in America is not taking the name of stopping. After the sinking of Silicon Valley Bank and Signature Bank, the country's third bank is also on the verge of sinking in a week. Market regulators in America have put a lock on another bank. Signature Bank was the second largest bank after Silicon Valley among the sinking banks. Now First Republic Bank has also joined in this episode . The disintegration of 3 banks in just a week can create a very dire situation for any country. It is being seen as the beginning of the economic recession, because in the recession of 2008, similar situations were seen after the bank crash.
The impact of the sinking of Silicon Valley Bank is also being seen on First Republic Bank. The condition of the bank is bad. The bank's stock once again fell 60% on Monday. In such a situation, 27% of the people believe that the Fed will not increase the rates next week. San Francisco's bank issued a statement on Sunday saying that JP Morgan Chase & Co (NYSE:JPM) can provide financial help to the bank. Due to which the bank will be able to maintain its liquidity.
Although the American authorities issued a statement saying that they are trying to save the depositors' money in Silicon Valley Bank. The authorities have said that they will try to meet every need of the customers. In a joint statement, financial agencies including the US Treasury said that the SVB will give depositors access to their money from Monday (March 13) and US taxpayers will not have to pay anything on the bill.
More banks will come in Jadd
Veteran American investor Bill Ackman has expressed apprehension that more banks may join the list of sinking banks. Silicon Valley Bank will affect many banks. Ackman says that even after the intervention of the US authority, many banks are likely to collapse. This talk of Ackman has increased the concern among the financial sector and investors.
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