First Republic Bank Shares Tumble: How Vulnerable is the Banking Sector? March 21, 2023 Unipro2013main News, USA News, World Economy </p> <h2>Shares plunged more than 50 Percent</h2> <p> Shares of US bank First Republic have plunged more than 50 percent, despite an earlier move by other banks to inject $30 Billion dollars to keep it afloat. S&P Global Ratings has also downgraded the bank for a second time in a week, causing investors to worry whether First Republic can survive. It follows the collapse of Silicon Valley Bank and New York-based Signature Bank. On the weekend, fears over an ailing European bank, Credit Suisse, were allayed after the Swiss government pushed for a takeover by its competitor UBS Group. The buyout for 3 billion Swiss francs ($3.23 billion, €3.03 billion) was agreed after weekend talks that ran into Sunday evening, finalizing just ahead of financial markets’ Monday openings in New Zealand, Australia and eastern Asia.</p> <p>The rescue of Credit Suisse has shaken Switzerland, a country that has built its reputation around being a safe banking and financial hub.<br /> <br /> Credit to : DW News</p> <p> Please support our Sponsors here :
