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First Republic Bank’s fate is looking grim.
by 8DonCo Fri Apr 28, 2023 8:42 pm
The bank’s stock has plummeted about 75% this week, after a disappointing first-quarter earnings report Monday revived Wall Street’s fears about a banking crisis and catalyzed an exodus out of First Republic stock. While a small rally on Thursday suggested that investors were hopeful that a white knight could swoop in to save the embattled lender, things eventually took a turn for the worse.
An administration source familiar told CNN Friday the White House has no new plans to rescue the embattled lender, snuffing out hopes of government intervention. Reports swirled that the bank will likely go into receivership by the Federal Deposit Insurance Corporation, shattering optimism that private sector help could be on the way. Shares of the bank plunged roughly 37%.
It remains unclear whether the bank will collapse. While there’s a chance it could happen Friday — when financial institutions have historically failed — it could happen another day. Or, the bank could survive.
But that will be difficult to achieve without a lifeline. First Republic already received about $100 billion in life support from big banks last month, when the collapses of Silicon Valley Bank and Signature Bank sent investors and depositors fleeing from regional banks and put the health of the financial sector in question.
Shares of First Republic are down roughly 97% this year.
An administration source familiar told CNN Friday the White House has no new plans to rescue the embattled lender, snuffing out hopes of government intervention. Reports swirled that the bank will likely go into receivership by the Federal Deposit Insurance Corporation, shattering optimism that private sector help could be on the way. Shares of the bank plunged roughly 37%.
It remains unclear whether the bank will collapse. While there’s a chance it could happen Friday — when financial institutions have historically failed — it could happen another day. Or, the bank could survive.
But that will be difficult to achieve without a lifeline. First Republic already received about $100 billion in life support from big banks last month, when the collapses of Silicon Valley Bank and Signature Bank sent investors and depositors fleeing from regional banks and put the health of the financial sector in question.
Shares of First Republic are down roughly 97% this year.
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8DonCo
Re: First Republic Bank’s fate is looking grim.
by 8DonCo Fri Apr 28, 2023 8:43 pm
Another one fails
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8DonCo
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