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The market is looking for the next ‘domino’ to fall, keeping banks under pressure
After an intense few days in which the fate of ailing lender First Republic was finally determined, veteran banking analyst Christopher McGratty was looking forward to some calm. So early Tuesday, more than 24 hours after U.S. regulators seized First Republic and picked JPMorgan Chase to take over most of its assets, McGratty headed to see a client in Manhattan. Minutes after the start of regular trading, however, the regional bank stocks he covers for KBW began plunging. “I was like, ‘Hey, it’s a good day to catch up, it seems like an orderly kind of day,’” McGratty said in a phone interview. “I get back ... (full story)