First Republic Stock Plunges 48%
Shares of First Republic are reeling again after the struggling lender on Monday reported a $100 billion drop in customer deposits during last month’s banking turmoil.
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First Republic Stock Plunges 48%
Shares of First Republic are reeling again after the struggling lender on Monday reported a $100 billion drop in customer deposits during last month's banking turmoil.#Banking #stockstowatch pic.twitter.com/KLGTLU09zH
— The_Journalbiz (@the_journalbiz) April 28, 2023
Factset chart
The stock was temporarily halted for volatility as it fell about 48%, putting it just above $3 a share. It’s on pace for yet another record low, based on Dow Jones Market Data going back to 2010.
For the year, the stock is down more than 97%.
The declines come as federal regulators released their postmortems of their oversight of Silicon Valley Bank and Signature Bank today.
For more on why a buyer hasn’t emerged to rescue First Republic, read the Journal’s Telis Demos. As one analyst put it: “It might cost you $30 billion of capital to buy the bank for free.”
