Regional banks pared their early gains to trade lower in premarket trade Wednesday, after Bloomberg reported that Bank of America had received more than $15 billion in customer deposits recently following the failure of three banks in the space of a week. Meanwhile, in Europe, Credit Suisse shares fell to a new record low, pressuring the broader market and the rest of the European banking sector and Dow futures YM00, -1.67% tumbled more than 500 points. First Republic Bank FRC, +26.98% was down 1%, shedding early gains. Zions Bancorp. ZION, +4.47% was down 5% and Western Alliance Bancorp. WAL, +14.36% was down 2.3%. The big banks also moved lower with JP Morgan Chase JPM, +2.57% down 2.3%, Citigroup C, +5.95% down 4.1% and Bank of America Corp. BAC, +0.88% down 3%.
This article was originally published by Marketwatch.com. Read the original article here.