First Republic Bank’s fate is looking grim. 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.
But investors remained jittery, and a brutal sell-off began. Shares of First Republic’s stock plunged 50% on Tuesday and spiraled in the days following. Behind the scenes, First Republic scrambled to save itself once again. Advisers lined up potential buyers of its stock and vied for big US banks to purchase bonds from the bank, according to CNBC.
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