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Shares plunge at First Republic Bank as it reveals more than $100bn of withdrawals

April 25, 2023

Via: Sky News
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The bank, which was saved from possible collapse by a $30bn cash injection agreed by major lenders, saw its stock drop by up to 29% at the market open on Tuesday.

They closed almost 50% lower, leaving its market value 93% lower in the year to date below $3bn.

It followed the release of its first quarter earnings report that revealed the extent of the challenge it faced to recover the business.

First Republic said the withdrawals, which amounted to more than half its pre-crisis deposit total, had cooled since the rescue cash was announced.

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