Regional banks down amid White House push for stricter rules

United Bankshares

30/03/2023 19:23

** Shares of U.S. regional banks drop on Thurs as the White
House proposes stronger measures to help reduce risk of future
banking crises
    ** Biden administration calls for midsized banks to hold
more liquid assets, increase their capital, submit to regular
stress tests and write "living wills" that detail how they can
be wound down
    ** Among the list of measures, White House says regulators
should strengthen stress tests to ensure banks can withstand
rising interest rates
    ** The KBW regional bank index  .KRX  is off 1.9% on Thurs,
extending loss in Mar to about 22%
    ** S&P 1500 Regional Banks index  .SPCOMBNKS  down 2.1%.
Biggest losers in Thurs afternoon trading are United Bankshares
 UBSI.O  4.3%, PacWest Bancorp  PACW.O  off 3.6% and First
Republic Bank  FRC.N  4.1%
    ** Other notable index fallers include: Truist Financial
 TFC.N  2.2%, M&T Bank  MTB.N  2.5% and Huntington Bancshares
 HBAN.O  2.1%
    ** Major U.S. banks also down on the session: JPMorgan
 JPM.N  0.8%, Citigroup  C.N  0.2%, Bank of America  BAC.N  1.7%
and Wells Fargo  WFC.N  1.7%
    ** Meanwhile, the Fed's Neel Kashkari said on Thurs banking
stress could last longer than expected following the historical
collapses of Silicon Valley Bank and Signature Bank earlier this
month

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))