First Republic Bank shares plunged after a CNBC report that the lender was likely headed for receivership under the US Federal Deposit Insurance Corporation (FDIC), worsening a rout that has wiped out 75 percent of the stock’s value this week.If the San Francisco-based lender falls into receivership, it would be the third United States bank to collapse since March. First Republic said earlier this week its deposits had slumped by more than $100bn in the first quarter.The stock lost more than half of its value on Friday and touched a record low of $2.99. Trading in the bank’s shares was halted multiple times.
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