First Republic Shares Drop Anew as Unease Lingers Even With Aid
- Banks including JPMorgan, Citi add $30 billion of deposits
- Shares decline 17% in after-market trading on Thursday
This article is for subscribers only.
First Republic Bank shares slid during after-market trading amid concern its crisis is far from over despite efforts of larger banks to restore confidence by agreeing to add $30 billion of deposits to the lender.
Share-price volatility continued after First Republic suspended its dividend payments, disclosed a dwindling cash position before the rescue package and said it borrowed billions from the Federal Reserve over the past week. The stock sank 17% in post-market trading, following a 10% gain during the regular session.