First Republic Stock Falls As Deposits Reportedly Drop

May 1, 2023
Their shares were down about 28% on Wednesday, extending losses of nearly 50% on Tuesday. The stock has fallen more than 90% year to date and hit an all-time low Wednesday. The steep decline in deposits came despite a group of 11 larger banks infusing $30 billion of deposits into First Republic in an attempt to instill confidence and prevent bank runs from spreading.
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