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US Banking Industry Still Struggling as First Republic Bank Shares Plummet by Over 30% – Bitcoin News

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The situation only worsened as pre-market trading began, and by 11:00 a.m. on Wednesday, First Republic Bank's FRC shares had fallen by over 30%. FirstRepublic

to CNBC. “Advisors to First Republic will attempt to cajole the big U.S. banks who’ve already propped it up into doing one more favor,” CNBC’s Hugh Son reported. Others have blamed a specific demographic of First Republic Bank’s customers for its downfall.

“Wealthy clientele such as the affluent individuals that banked at [First Republic] have no loyalty to any particular financial adviser,” Chris Whalen, chairman of Whalen Global Advisors, stated in a noteby CBS News. “First Republic was one of many advisers and service providers to their wealthy customers, people who find products like interest-only mortgages attractive,” Whalen added.

After dropping more than 30% on Wednesday, First Republic Bank’s shares managed to rise and currently, the stock is down between

 

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First Republic Bank to slash up to a quarter of its workforce | CNN BusinessFirst Republic Bank expects to cut its workforce by 20-25% this quarter, the embattled lender said late Monday.
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