TFC - Why Shares of First Republic Truist and US Bancorp Got Creamed in March
2023-04-04 13:33:38 ET
Shares of many regional banks sold off heavily in March after the collapse of three U.S. banks in less than a week's time sent a jolt through the industry and left investors quite uncertain about the future.
Between Feb. 28 and March 31, shares of First Republic (NYSE: FRC) fell an astounding more than 88%, according to data from S&P Global Market Intelligence .
Meanwhile, shares of the fifth-largest bank in the country by assets, US Bancorp (NYSE: USB) , fell close to 25%, while shares of the seventh-largest bank in the U.S., Truist Financial (NYSE: TFC) , fell by more than 27%.
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Why Shares of First Republic, Truist, and US Bancorp Got Creamed in March