First Republic Bank shares sank more than 45% to another record low on Monday. Fears continue to grow about its financial health — even after it received a $30 billion lifeline from its bigger rivals last week.
The First Republic Bank sign is shown in Oakland, Calif., in front of one of the lender's offices on March 16, 2023. First Republic shares continued to fall on Monday amid concerns about its financial health.The First Republic Bank sign is shown in Oakland, Calif., in front of one of the lender's offices on March 16, 2023. First Republic shares continued to fall on Monday amid concerns about its financial health.
First Republic's stock has continued to sink despite the rescue deal announced last week as many customers have continued to move their money elsewhere. "Investors are skeptical First Republic will be able to attract any deposits, which will likely remain a problem for small and medium sized banks," he wrote in a note to clients on Monday.Fed Chair Jerome Powell testifies before the House Committee on Financial Services on Capitol Hill in Washington, D.C., on March 8, 2023. The Fed meets this week for its policy meeting in the midst of a volatile period in global banking.
Broader stock indices were also higher with the Dow Jones Industrial Average rose 1.2% and the S&P 500 gained 0.9%.The overall gains could help calm some of the worries about the stability of the bank system as the Federal Reserve is set to kick off its two-day meeting on Tuesday.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S&P cuts First Republic deeper into junk, says $30 billion infusion may not solve problemsFirst Republic Bank saw its credit ratings downgraded deeper into junk status by S&P Global, which said the lender's recent $30 billion deposit infusion from 11 big banks may not solve its liquidity problems.
Read more »
First Republic Bank shares slide in volatile trading sessionTrading in shares of First Republic Bank was halted multiple times on Monday as uneasiness still surrounds the financial institution following its $30 billion rescue package. First Republic Bank received a $30 billion rescue package from 11 of the biggest U.S.
Read more »
Silicon Valley Bank’s Demise Tightens Spigot On $30 Billion Of Venture LendingStartups borrowed so they didn’t have to give up equity. After the collapse of market leader SVB, they should expect higher rates and fewer deals in the near future.
Read more »
First Republic shares fall on fresh liquidity fears as peers reboundShares of First Republic Bank slumped 13.1% on Monday, after a report the regional bank could raise more money fanned worries about its liquidity despite a $30 billion rescue last week.
Read more »
First Republic Bank Looms Large for U.S. Regulators After Credit Suisse SaleAfter UBS agreed to purchase Credit Suisse, Treasury Secretary Janet Yellen and Fed Chair Jerome Powell sought to reassure investors in the U.S. where First Republic Bank has become U.S. officials’ main concern
Read more »
First Republic Bank: Shares fall 17% following second credit rating downgradeShares of First Republic Bank tanked by over 17% in premarket trading Monday morning amid news that S&P Global issued its second credit downgrade for the embattled bank within a week.
Read more »