U.S. bank stocks continued to draw attention of investors on Thursday as pundits downplayed recent bank failures and a bailout for banking giant Credit Suisse provided a lift.
U.S. megabank stocks edged up in pre-market trades after losses in the previous session, as ailing giant Credit Suisse CS, +2.08% said it lined up $54 billion in credit from Swiss National Bank and acquire beaten-up debt.JPMorgan Chase & Co. JPM, -1.18% rose 0.3% in premarket trades, while Morgan Stanley MS, -2.26% rose 0.1% and Citigroup Inc. C, -1.90% rose 0.5%. Bank of America BAC, -0.58% rose 0.3% and Wells Fargo & Co. WFC, -0.74% added 0.4%.
First Republic FRC, -29.56% tumbled another 27% in premarket trade amid reports it’s exploring its strategic options, including a potential sale of the company. Fitch noted Western Alliance Bancorp reported cash reserves of $25 billion in a March 13 filing. The company’s cash is equivalent to about 47% of total deposits reported as of Dec. 31.
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