Citigroup: Indiscriminately Sold Off
@lolmei:
Citigroup Inc. (NYSE:C) investors could be wondering why the selloff over the regional banks also battered C, as U.S. banks dealt with the immediate aftermath of the collapse of Silicon Valley Bank of SVB Financial Group (SIVB) and Signature Bank (SBNY).The Fed's Bank Term Fu$Citigroup(C)$ nd Program, or BTFP, has helped to stem the risks of more bank runs, as depositors' confidence in the stability of the U.S. banking system appears to be restored.Notwithstanding,Moody'sput the credit ratings of First Republic Bank (FRC) and five of its peers on downgrade watch. The rating agency was particularly concerned with the double whammy of their "reliance on uninsured deposit funding and unrealized losses in their asset portfolios."We believe investors spoo