First Republic Shares Plunge as Deposit Drop Renews Concern
- Bank reports larger-than-expected drop in deposits in quarter
- Executives announce steps to bolster firm but avoid questions
Source: Bloomberg
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First Republic Bank’s quarterly results — including a worse-than-expected drop in deposits — reignited investor concerns about prospects for its business, breaking with more than a week of industry earnings reports that had broadly reassured the market.
The company’s shares fell 29% to $11.37, an all-time low in intraday trading, at 9:38 a.m. in New York. The stock is down more than 90% this year.