First Republic Bank shares fall 50% after reporting dramatic slump in deposits
by Guardian staff and agencies from on (#6B5A8)
Bank now faces tough options to turn around its business with the creation of a bad bank' or asset sales possibilities
First Republic Bank's shares closed down 50% on Tuesday, a day after the mid-sized US bank announced a dramatic slump in deposits.
On Monday the San Francisco-headquartered reported a more than $100bn plunge in deposits in the quarter in the aftermath, sparking fears that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Reuters contributed to this story
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