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[Banking] “First Republic’s dramatic slide continues, stock falls 35% as bank looks for rescue deal”

First Republic ’s stock sank again on Wednesday as investors kept an eye on a potential rescue deal for the troubled regional bank.

Shares were down more than 35% in morning trading, extending losses of nearly 50% on Tuesday. The stock is down more than 90% year to date and hit an all-time low on Wednesday, being halted multiple times for volatility.

This week’s drop for First Republic comes after the San Francisco-based lender late Monday said it lost roughly 40% of its deposits in the first quarter. First Republic was seen by customers and investors alike as a risky bank after the collapse last month of Silicon Valley Bank, which had a similar financial profile…”

https://www.cnbc.com/2023/04/26/first-republic-continues-dramatic-slide-as-it-searches-for-rescue-deal.html

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