Citizens Financial Group Inc (NYSE:CFG) shares are trading lower by 7.95% to $26.53 Tuesday afternoon. Shares of banks and financial services companies are trading lower following the recent failure of First Republic Bank (NYSE:FRC), which has cause uncertainty in the sector and has pressured regional banking names.
What’s Going On?
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, CFG has a 52-week high of $44.82 and a 52-week low of $26.02.
