First Republic’s shares crash more than 46% after downgraded credit rating

The US bank may need to raise more funds despite a $30bn rescue last week

Shares in troubled First Republic Bank crashed more than 46% on Monday, after reports the San Francisco-based bank may need to raise more funds despite a $30bn (24bn) rescue last week.

As the growing banking crisis spread into a new week, the credit rating of the regional bank was downgraded deeper into junk status by S&P Global. The agency said that the bank, which caters to wealthy clients, probably faced high liquidity stress with substantial outflows".