Financial Winners and Losers: First Republic Bank and Coinbase Stand Out
TL;DR Summary
Regional banks, including First Republic Bank, suffered significant losses as traders worried about the health of the banking space after the failures of Silicon Valley Bank and Signature Bank. Meanwhile, cryptocurrency exchange Coinbase was the biggest gainer, soaring 40.3% as bitcoin surged during the week. Overall, financial stocks with a market cap of $2B+ suffered from continued bearish sentiment, with the Financial Select Sector SPDR ETF falling 5.9% during the week.
- First Republic, other regional banks top week's financial losers, Coinbase climbs most Seeking Alpha
- First Republic Bank bailout will have impact on Boston CBS Boston
- First Republic's earnings will be destroyed paying back interest on US$30B in deposits: Marenzi BNN Bloomberg
- Opinion: Yes, rescuing banks like First Republic rewards the reckless. No, that shouldn't stop us Yahoo Finance
- A Tumultuous Week: The Bloomberg Close, Americas Edition Bloomberg
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