Wall Street pummels regional banks, despite Biden’s assurances

Wall Street’s confidence in regional banks remained shaky Monday, despite emergency measures from the Biden administration to protect customer deposits. First Republic shares fell more than 60% and were briefly halted for volatility. Western Alliance Bancorp’s stock also fell 47%, and PacWest Bancorp fell more than 20%. The SPDR S&P Regional Banking exchange-traded fund fell 12%. People were seen waiting outside a Silicon Valley Bank branch location in Boston, Massachusetts, on Monday, March 13, following the announcement of the bank’s collapse. Lines formed outside other Silicon Valley Bank branch locations in Massachusetts, CBS News reported. The reports of lines came as US President Joe Biden spoke to the press about the Silicon Valley Bank situation on Monday morning. During the assurance briefing, Biden said taxpayers would shoulder none of the costs associated with the collapse of the Silicon Valley Bank, claiming U.S. banking system is still safe. Credit: Chris Grondin via Storyful