US regional banks have dug a deep hole but they're crawling out today as they weather the worst of the bank runs.
There is some major reputation damage to the names on the list and deposits have fled but they're still in business -- no doubt with some help from US emergency programs.
KRE is the regional bank ETF and it shows the breadth of the damage as it bounced to $46 from $43. It traded at $62 before the trouble.
Market participants are now asking how much damage has been done? And what further profit-destroying regulations are coming?
Those are tough ones to answer for the sector, but if banks stabilize then it's good news for the rest of capital markets.
