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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Republic may not survive, even after two multibillion-dollar bailouts | CNN BusinessThe past few weeks have been brutal for the San Francisco-based lender. Now some analysts say a collapse of the bank is imminent.
Source: CNN - 🏆 4. / 95 Read more »
The US economy grew at a much slower pace in the first quarter | CNN BusinessThe US economy slowed to an annualized and seasonally adjusted rate of 1.1% in the first quarter of this year, according to GDP data released Thursday by the Department of Commerce.
Source: CNN - 🏆 4. / 95 Read more »
Pending home sales fell last month for the first time since November | CNN BusinessPending home sales dropped in March, falling for the first time since November amid tight inventory and buyer uncertainty about the financial sector due to bank failures, according to data released Thursday by the National Association of Realtors.
Source: CNN - 🏆 4. / 95 Read more »
Europe's economy ticks up in the first quarter | CNN BusinessEurope's economy avoided a recession over the winter, picking up pace slightly in the first quarter of 2023 despite Russia's war in Ukraine and sizable interest rate hikes aimed at fighting inflation.
Source: CNN - 🏆 4. / 95 Read more »
US worker pay gains picked up in the first quarter | CNN BusinessCompensation for US workers picked up in the first three months of the year, showing that a major source of inflationary pressure persists and cementing the path for an interest rate hike at the Federal Reserve's meeting next week.
Source: CNN - 🏆 4. / 95 Read more »