Washington’s bank rescue fails to erase all doubts

March 15, 2023

“Americans can have confidence that the banking system is safe. On Wall Street, bank stocks were ravaged, with regional institutions hit hardest. First Republic Bank, another midsize bank, saw its share price fall nearly 80 percent before ending the day down 62 percent. But several regional banks, including Pacific Western Bank in California and Zions Bank in Utah, remain the focus of scrutiny and speculation. As officials reiterated that the financial system remained sound, some banking industry veterans were reasonably confident about navigating the storm.