First Republic Bank posts highest decline in market value in Mar, Credit Suisse sees 72% drop amid banks turmoil3 min read 30 Mar 2023, 07:24 PM IST
The US banks were the hardest hit after SVB and Signature Bank became the second and third largest banks failure in the country since the 2008 financial crisis.
New York-based First Republic Bank, catering to high-net-worth individuals, suffered the most amidst the banking systems turmoil which sparked after two banks failed in the US. Among the top 20 market value losers in North America and Europe, First Republic topped the chart with a decline of 89.9% between March 1st to 24th. Credit Suisse followed closely at the third spot with a drop of nearly 72% in market value. Major crypto lender Silvergate Capital Corp held the second spot with a decline of over 87% in market value.
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