The US banking sector has had a bad year. Several major regional banks have failed, and stock prices are down. The US Federal Reserve blames bad management for failing to respond to an era of higher interest rates that made it more expensive to cover customers' deposits, while still turning a profit. These smaller banks were exempt from tough liquidity rules imposed on their bigger counterparts in the wake of the 2008 financial crisis. The most recent casualty was First Republic, which fell on the 24th of April.

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