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Home»Business»Major Bank’s Stock Continues Crashing As It Begs Fed For Aid To Avoid Collapse
Business

Major Bank’s Stock Continues Crashing As It Begs Fed For Aid To Avoid Collapse

April 26, 2023No Comments2 Mins Read
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Troubled First Republic Bank Reports First Quarter Earnings
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First Republic Bank’s stock price plunged more than 20% on Wednesday morning, following a nearly 50% drop on Tuesday after a first-quarter earnings report on Monday as the regional bank seeks a rescue to avoid collapse.

The consecutive days of freefall showed that the bank lost $102 billion of its deposits following sector turmoil in March, according to the earnings report. First Republic hired Lazard and JPMorgan Chase to advise the bank, according to the Financial Times; they are relying on the government to pressure CEOs from big banks to come together to save First Republic again, according to CNBC. (RELATED: Major Bank’s Stock Tumbles Over 40% After Disastrous Earnings Report)

The financial advisors are attempting to persuade them to give additional help by purchasing First Republic’s assets like bonds priced above market value, according to CNBC. It would cause losses of a few billion dollars for the other institutions, but First Republic’s advisor pitch is that its failure would be even more costly as it could lead to about $30 billion in fees from the Federal Deposit Insurance Corporation (FDIC).

NEW YORK, NEW YORK – APRIL 24: A person walks past a First Republic bank branch in Manhattan on April 24, 2023 in New York City. The U.S. bank will reveal its latest financial results but concerns over small and medium-sized banks persist following the collapse of Silicon Valley Bank (SVB) in March. (Photo by Spencer Platt/Getty Images)

11 of America’s largest financial institutions, including JPMorgan Chase, injected $30 billion into First Republic to save it from collapse and prevent contagion from Silicon Valley Bank’s (SVB) and Signature Bank’s collapses in March. The bank experienced significant deposit flight after the failures.

See also  Zuckerberg’s Trillion-Dollar Meta Empire Sits On Razor’s Edge As Antitrust Case Rolls On

First Republic did not immediately respond to the Daily Caller News Foundation’s request for comment.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

AidTo avoid banks Begs Collapse Continues Crashing Fed major stock
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