The troubled California lender has seen wild stock price fluctuations in recent trading sessions.
The bank’s shares fell 1.4 percent Wednesday after tumbling more than 10 percent in premarket trading and ending Tuesday’s regular session with a nearly 30-percent bounce. Its stock price has fallen by 87 percent from a month ago despite sweeping efforts, coordinated by the Biden administration and backed by the nation’s biggest banks, to restore investor confidence.
First Republic is among a cadre of regional financial institutions that have been swept up in broader stock market jitters after the collapse of Silicon Valley Bank and Signature Bank in early March.that liquidity remains “very strong.” The ratings agencies S&P and Moody’s both downgraded First Republic’s credit, citing liquidity problems and a heavy reliance on short-term debt.
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