Shares plunged more than 50 Percent
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.
The rescue of Credit Suisse has shaken Switzerland, a country that has built its reputation around being a safe banking and financial hub.
Credit to : DW News