Bank of America Corp BAC and Wells Fargo & Co WFC shares are trading lower by 3.74% to $27.96 and 3.91% to $38.81, respectively, Tuesday morning. Shares of several banks and financial services companies are trading lower amid ongoing uncertainty in the regional banking sector.
What Else?
The gap lower in the broader banking sector comes after the Federal Deposit Insurance Corporation confirmed First Republic Bank has been shuttered and its assets and deposits will be sold to JPMorgan Chase & Co.
Bank stocks have suffered losses since early March when troubles at Silicon Valley Bank came to light. First Republic’s folding up marks the third banking collapse after SVB and Signature Bank.
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According to data from Benzinga Pro:
- BAC has a 52-week high of $38.75 and a 52-week low of $26.32
- WFC has a 52-week high of $48.84 and a 52-week low of $35.25
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