First Republic Bank Frankfurt-listed shares rise after rescue
in deposits injected by large U.S. banks failed to quell investor worries about the beleaguered lender.
Fears of an imminent collapse of the San Francisco-based bank prompted a deal put together by top power brokers including U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JPMorgan Chase CEO Jamie Dimon on Thursday. First Republic suspended its dividend, disclosed its cash position and said its borrowing from the U.S. Federal Reserve varied from $20 billion to $109 billion between March 10 and March 15.
"While the new deposits in First Republic calmed the waters for the troubled bank, they come at current market rates, which will compress net interest income," said Art Hogan, chief market strategist at B. Riley Wealth Management.Shares of other U.S. mid-size banks including Western Alliance Bancorp shares
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