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In a brutal sell-off, the bank's market capitalization briefly sank as much as 41% to about $888 million and the first time under $1 billion, a far cry from its peak of more than $40 billion in November 2021.
The KBW Regional Banking Index dropped 4%, the broader S&P 500 bank index fell 2.6% and broader markets showed concern with U.S. stocks lower and U.S. Treasury yields falling.
The strategic options for First Republic Bank are very challenging because any potential sale is unlikely without the lender taking big writedowns on their mortgage loan book and securities... | April 25, 2023
By Saeed Azhar NEW YORK (Reuters) - First Republic Bank's strategic options are "very challenging" because any potential sale is unlikely without the ...
Bank now faces tough options to turn around its business with the creation of a ‘bad bank’ or asset sales possibilities