STOCK ALERT: First Republic shares sank to their lowest price ever Tuesday
Shares of First Republic sank to their lowest price ever Tuesday after the struggling bank disclosed worse-than-feared deposit outflows—sparking fears in Washington and beyond that it may become the third major bank to fail this year.First Republic’s stock cratered 50% to about $8 as investors reacted sharply to the company’s quarterly earnings report released after trading hours Monday.
The bank reported a 41% decline in net deposits to $105 billion during the first three months of 2023, missing analyst expectations of $135 billion in deposits. First Republic said Monday it’s “pursuing strategic options” to address the exodus of capital, and sourcesBloomberg that the bank is looking to offload between $50 billion and $100 billion in debt securities.Financial Times
Tuesday, noting officials from the Biden Administration, Federal Reserve and Treasury Department have all met with bank leadership in recent days.Regulators closed fellow regional banks Silicon Valley Bank and Signature Bank in mid-March, shocking the U.S. financial system and temporarily rocking the stock market.
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