Shares of First Republic stock dropped by as much as 30% Friday, with shares selling at just over $25 apiece at one point.
, the bank’s shares have failed to steady in the stock market — capping off a chaotic week for the bank and for the broader financial milieu.
Shares closed at $34.27 Thursday.as “negligible” deposit outflows from the bank and a gargantuan show of support from competing banks. Thursday, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo each put in $5 billion in uninsured deposits to First Republic, with Morgan Stanley, Goldman Sachs, BNY Mellon, State Street, PNC Bank, Truist and U.S. Bank chipping in $10 billion among them.
In a joint statement, the banks said, “The actions of America's largest banks reflect their confidence in the country's banking system.” And in itsthat this “show of support ... is most welcome, and demonstrates the resilience of the banking system.” The billions already contributed may not have been enough to assuage concerns over a possible run. Analysts at two separate firms, Wedbush and Atlantic Equities, have downgraded First Republic to neutral. Atlantic Equities noted that First Republic may have needed an additional $5 billion in capital as part of the bank rescue, according to
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