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Crypto Bank Signature Suffers Another Analyst Downgrade, Shares Fall

CoinDesk LogoCoinDesk2 mo ago

Crypto Bank Signature Suffers Another Analyst Downgrade, Shares Fall - CoinDesk

Quick Summary:

Raymond James is the latest Wall Street firm to cut its rating on the stock, following Morgan Stanley’s move earlier this week.

The bank said this week that it planned to shrink its deposits tied to cryptocurrencies by $8 billion to $10 billion.“We are not just a crypto bank and we want that to come across loud and clear,” the bank’s CEO Joe DePaolo said at an investor conference in New York on Tuesday.

Signature Bank (SBNY) shares were downgraded to market perform from strong buy at Wall Street firm Raymond James on Wednesday after the company said it was diversifying its business model away from cryptocurrencies.

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Article Details

Author / Journalist: Will Canny

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-12-07 @ 16:17:57 (2 months ago)

News Timezone: GMT -5:00

Ranking: #2493 (out of 12405 stories this day)

News Source URL: coindesk.com

Language: English

Article Length: 506 words

Reading Time: 3 minutes read

Sentences: 24 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinDesk

News ID: 2222882

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About CoinDesk

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Main Topics: Crypto

Official Website: coindesk.com

Update Frequency: 13 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 9 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #8

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