Regional banks pared their early gains to trade lower in premarket trade Wednesday, after Bloomberg reported that Bank of America had received more than $15 billion in customer deposits recently following the failure of three banks in the space of a week. Meanwhile, in Europe, Credit Suisse shares fell to a new record low, pressuring the broader market and the rest of the European banking sector and Dow futures YM00 tumbled more than 500 points. First Republic Bank FRC was down 1%, shedding early gains. Zions Bancorp. ZION was down 5% and Western Alliance Bancorp. WAL was down 2.3%. The big banks also moved lower with JP Morgan Chase JPM down 2.3%, Citigroup C down 4.1% and Bank of America Corp. BAC down 3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Read Full Story