A tumultuous week in the U.S. financial markets ended on an uncertain note Friday after a massive $30 billion injection of big-bank deposits into First Republic Bank failed to calm investors. Last week, the sudden meltdown of three U.S. banks – Silvergate Capital, Signature Bank
SBNY,
-22.87%
and Silicon Valley Bank – began to rekindle concerns about weakness in the banking sector amid sharply higher interest rates.
SVB Financial Group
SIVB,
-60.41%
on Friday filed for Chapter 11 bankruptcy and said it will seek a court-supervised reorganization. Silicon Valley Bank was put into Federal receivership following a run on its deposits. In a matter of days, other regional banks and financial firms have been swept up in the selloff. First Republic Bank
FRC,
-32.80%,
another California midsize bank, saw its stock price hit an intraday record low this week, before the bank was promised a $30 billion pledge of deposits from a group of the country’s largest banks including JPMorgan Chase
JPM,
-3.78%,
Bank of America
BAC,
-3.97%,
Wells Fargo
WFC,
-3.92%
and Citigroup
C,
-3.00%.
In Europe, shares of Swiss banking giant Credit Suisse
CS,
-6.94%
slumped to about $2 a share in New York trading. The bank said on Thursday it intended to borrow up to 50 billion Swiss francs ($ …