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Sharp selloff in First Republic shares causes alarm in Washington
By James Fontanella-Khan, Colby Smith, Stephen Gandel, and Brooke Masters
Financial Times, London
Wednesday, April 26, 2023
Shares of First Republic continued to plunge on Tuesday as regulators in Washington and financiers on Wall Street scrambled to come up with a plan to stabilise the ailing bank.
The California-based lender’s stock price, which is down by more than 93 per cent this year, fell by a further 49.4 per cent, a day after it revealed its customers had withdrawn $100 billion of deposits during last month's turmoil.
... Dispatch continues below ...
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First Republic on Monday said it was pursuing “strategic options”, but multiple people briefed on the situation said it was struggling to come up with a viable solution, such as a sale of all or part of the bank.
The people said the bank was in touch with the US government, which is on high alert following the failure of Silicon Valley Bank and Signature Bank last month. ...
... For the remainder of the report:
https://www.ft.com/content/32439fdf-3215-4e9a-91fb-eb6b3e821451
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