First Republic’s shares crash more than 46% after downgraded credit rating
by Edward Helmore from US news | The Guardian on (#6A05E)
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".
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