Banking analyst Christopher McGratty anticipated a quiet day after the fate of First Republic was determined. However, just minutes after regular trading started, regional bank stocks he covers began to drop, catching him off guard. McGratty had 40 emails and 10 voicemails waiting for him when he returned to his desk after visiting a client in Manhattan. U.S. regulators had seized First Republic, and JPMorgan Chase had taken over most of its assets, causing market players to anticipate the next potential domino to fall.
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Summary
Article Name
Search for Next 'Domino' Puts Banks Under Pressure in Market
Description
Banking analyst Christopher McGratty anticipated a quiet day after the fate of First Republic was determined.
Author
Susan Jane
Publisher Name
CNBC
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