Shares of megabanks fell into the red and U.S. regional banks mostly lost ground Wednesday, as concerns about Credit Suisse and worries about a flight of deposits from smaller lenders weighed on the sector.
First Republic Bank FRC stock dropped 18% as S&P Global Rating cut the company’s debt grade by four notches to BB-plus from A-minus, placing it in speculative grade, or ‘junk,’ status.
Bloomberg…
