Hedge funds including Citadel have bought shares in smaller banks after a sell-off sparked by the failure of Silicon Valley Bank and Signature Bank, sending a signal of confidence as customers rushed to withdraw funds and investors feared a broader financial crisis.
For some investors it was time to cautiously return to the banking sector.
He said his firm likes the management and loan book quality at First Republic, the nation's 14th largest bank.Billionaire investor Bill Ackman, who runs hedge fund Pershing Square Capital Management, wrote on Twitter on Monday that "regional banks are an incredible bargain now as long as the gov't does the right thing." He cited risks in these trades, but said he thought other big name investors were putting money to work in that sector.
Griffin, whose hedge fund bought the large Western Alliance stake, told the Financial Times on Monday the U.S. government should not have stepped in to protect SVB depositors, arguing that bank balance sheets are at their strongest ever.
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