Shares of banks and other financial institutions fell slightly in volatile trading after Treasury Secretary Janet Yellen said the U.S. government would take more actions to stabilize the banking system, if necessary.
Shares of First Republic Bank fell after Ms. Yellen told Congress Wednesday she did not plan to request universal deposit insurance. The San Francisco bank has sought to raise capital to shore up reserves amid an exodus of wealthy depositors comparable to that which wiped out Silicon Valley Bank. Another California lender, Pacific West Bank parent PacWest, also fell sharply.
Citigroup Chief Executive Officer Jane Fraser said the U.S. banking system remains in solid shape despite the demise of Silicon Valley Bank and Signature Bank of New York in the past two weeks.
The Swiss National Bank boosted its interest rate and similarly declared that a banking crisis was at an end, following the recent forced marriage between the nation's two largest banks, Credit Suisse Group and UBS.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-23-23 1733ET
