Regional banks pared their early gains to trade lower in premarket trade Wednesday, after Bloomberg reported that Bank of America had received more than $15 billion in customer deposits recently following the failure of three banks in the space of a week. Meanwhile, in Europe, Credit Suisse shares fell to a new record low, pressuring the broader market and the rest of the European banking sector and Dow futures
YM00,
tumbled more than 500 points. First Republic Bank
FRC,
was down 1%, shedding early gains. Zions Bancorp.
ZION,
was down 5% and Western Alliance Bancorp.
WAL,
was down 2.3%. The big banks also moved lower with JP Morgan Chase
JPM,
down 2.3%, Citigroup
C,
down 4.1% and Bank of America Corp.
BAC,
down 3%.
