[Banking] “First Republic’s dramatic slide continues, stock falls 35% as bank looks for rescue deal”
April 26, 2023
“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…”
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