Major U.S. banks rise as worries of industry-wide crisis ebb

First Citizens Bancshares (Tennessee)

29/03/2023 10:41

** Shares of economy-sensitive big U.S. banks rise in
premarket trading as jitters about an ongoing industry-wide
crisis ease 
    ** Major lenders JPMorgan Chase & Co  JPM.N , Wells Fargo &
Co  WFC.N , Citigroup  C.N , and Bank of America Corp  BAC.N 
gain between 0.7% and 1.5% before the bell 
    ** Investment banks Goldman Sachs Group Inc  GS.N  and
Morgan Stanley  MS.N  up 1.1% and 1.5% respectively in low vols
premarket after a U.S. regulator- backed sale of failed lender
Silicon Valley Bank's assets soothed nerves
     ** Two mid-sized U.S. lenders collapsed this month as
customers rushed to pull deposits leading to bank runs that
reverberated through the global financial ecosystem, marking the
biggest meltdown in the banking sector since the 2008 financial
crisis 
    ** Meanwhile, U.S. stock index futures climbed on Wednesday
as easing worries about a banking crisis lifted risk
sentiment .N 
    ** As of last close, S&P 500 Banks Index  .SPXBK  down over
14% YTD, underperforming an ~3.4% rise in the benchmark S&P 500
Index  .SPX 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))