First Republic Bank stock (FRC) lost half its value on Tuesday, April 25, following a disappointing quarterly earnings report.
The embattled bank was the worst performer on the S&P 500 for the day as investors dumped its shares. Since the beginning of the year, First Republic stock has dumped 93%.
The bank has become the latest victim of a deepening crisis that includes collapses or seizures of a number of midsized lenders this year. So far in 2023, Silicon Valley Bank, Silvergate, and Signature Bank have been shuttered or have imploded.
First Republic has been the focus of market anxiety following a surge in deposit outflows, reported the WSJ.
First Republic $FRC
Down *another* 40% today and now -93% YTD. pic.twitter.com/SxJPjTz7m2
— TradingView (@tradingview) April 25, 2023
Banking Bunkum
On April 24, the bank said it was exploring strategic options following its disclosure that it lost around $100 billion in deposits. However, analysts and investors appear to have already lo
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