First Republic Bank’s shares have plunged to a record low after the lender announced that depositors withdrew more than $100bn, prompting fears of further bank collapses after the failures of Silicon Valley Bank and Signature Bank.First Republic’s stock closed down nearly 50 percent on Tuesday, after the San Francisco-based lender disclosed that it lost 40 percent of its deposits in the first quarter as the banking sector suffered its biggest crisis of confidence since the 2007-2008 financial crash.First Republic saw its deposits fall by $72bn over the period, a figure that accounts for a $30bn rescue package announced last month by a consortium of 11 banks.
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