As proof that the crisis in the banking sector isn’t yet over, FirstRepublic Bank lost value again this morning, even after a group of big banks said they would provide $30 billion in deposits in a show of confidence. Stock plunged by over 20%.
First Republic’s stock plunged by more than 20% after opening on Friday, showing that the crisis in the banking sector isn’t yet over. The San Francisco-based bank is down nearly 80% from a month ago.Following Silicon Valley Bank’s collapse, banks that have a high number of uninsured deposits have encountered increased scrutiny. First Republic had the third-highest rate of uninsured deposits, following SVB and Signature Bank.
“Their collective support strengthens our liquidity position, reflects the ongoing quality of our business, and is a vote of confidence for First Republic and the entire U.S. banking system,” said bank founder Jim Herbert and CEO Mike Roffler. PacWest Bancorp was down more than 13% on Friday, KeyCorp fell 8%, and Zions Bancorp was down nearly 7%.
“These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders. … My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs,” said Credit Suisse CEO Ulrich Koerner, who also thanked the Swiss central bank for acting.
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