President Biden says the American banking system remains safe following the collapse of two banks, but the failures have prompted customer concerns.
following the collapse of two U.S. banks, but the failures have nonetheless created concern among customers who hold their money in other similarly-sized banks.
In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed. The most pressure is on the regional banks a couple steps below in size of the massive, "too-big-to-fail" banks that helped take down the economy in 2007 and 2008. Shares of First Republic plunged 62.6%, even after the bank said Sunday it had strengthened its finances with cash from the Federal Reserve and JPMorgan Chase.
But for the people showing up at First Republic's branches today to withdraw their money, the bank cannot be trusted.
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