Hints and tips:
...And sector-wide, Barclays says regional-bank credit spreads are pretty tight relative to the SPDR S&P Regional Banking ETF....
...The bottom lines at Comerica, based in Dallas, Texas, Zions Bank, based in Salt Lake City, Utah, and PNC in Pittsburgh, Pennsylvania, fell roughly 90 per cent, 55 per cent and 40 per cent, respectively....
...And it is defaults, not balance sheet marks or margins, that gets the banking industry into real trouble....
...The KBW regional banking index was up 2.3 per cent, while the S&P 500 was up less than 0.1 per cent....
...Those losses were reflected in the KBW banking index, which was 2.6 per cent lower, while the more focused regional index fell 2.7 per cent....
...PacWest, Western Alliance, Comerica and Zions Bancorp were among the US regional lenders swept up in a fresh round of sell-offs Tuesday....
...Banking System Outlook — US Outlook changed to negative on rapidly deteriorating operating environment We have changed to negative from stable our outlook on the US banking system to reflect the rapid...
...Banks led the US stock market lower in early trading as investors worried about the fallout from the collapse of Silicon Valley Bank and regulators’ efforts to shore up the banking system....
...Smaller banks that have come under pressure from investors following the collapse of SVB, including PacWest and Comerica, were not included in the stress tests....
...Comerica and Utah-based Zions Bancorp were among the biggest fallers on the S&P 500 index, dropping 12.4 per cent and 10.8 per cent respectively....
...bank with the best balance of retail, wealth management, commercial banking, investment banking and trading businesses....
...Zions Bancorp and Comerica gave up 12.1 per cent and 12.3 per cent respectively. Metropolitan Bank fell 6.4 per cent....
...Bill Adams, chief economist at Comerica Bank, said: “The labour market is getting less tight....
...Marcus, Goldman Sachs’ consumer banking business, aims to outcompete the opposition with a 10-month CD that pays out a 5.05 per cent APY....
...“We believe a sale of FRC to [a] larger entity should be beneficial for the banking system as a whole, and should help ease contagion fears,” Wedbush wrote....
...Industry experts say the regional banking system has fared better than feared....
...Comerica, M&T Bank and US Bancorp each fell more than 7 per cent....
...Zions Bancorp and Comerica were down roughly 10 per cent....
...Options investors are pricing in share price swings of more than 10 per cent on two of the first regional banks to report results later this month: Utah’s Zions Bancorp and Texas-based Comerica....
...The regional banks reporting next week include Comerica, Western Alliance and Zions Bank, all of which had their share prices fall sharply during the turmoil in March....
...Take Comerica for example, which had $45bn in uninsured deposits as of December 22....
...And there might be much more capital in the banking system....
...There is just enough reality behind the banking mini-crisis to allow the freakout to persist. How scary is the freight recession?...
...The broader issue is that even if the current banking stresses subside, the shock will still probably still force a large chunk of the US banking industry into retrenchment mode....
...He joined Comerica, then a Detroit-based lender, after graduating from Indiana University with a business degree....
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