Squawk on the Street
Banking Turmoil: First Republic's $30B Rescue, SVB Bankruptcy, White House Reaction 3/17/23
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Show notes
David Faber, Sara Eisen and Mike Santoli focused on the turmoil engulfing the banking sector: Shares of First Republic
and other regional banks extended their losses, despite news that the troubled lender is receiving $30 billion in deposits
from eleven U.S. banks. The parent of Silicon Valley Bank filed for Chapter 11 bankruptcy protection. U.S. Deputy Treasury
Secretary Wally Adeyemo joined the program with White House reaction to those developments-- and how it
plans to quell fears about the stability and safety of the banking system. Also in focus: The worst week for Credit Suisse shares
since the 2008financial crisis despite a lifeline from the Swiss National Bank, FedEx shares jump on earnings and guidance,
tech as a safe haven with the FANG+ index on track for its best week in a year, UBS’ Art Cashin on banks and the markets.
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