First Republic Bank faces financial turmoil and debt downgrade by Moody's.

Moody's downgraded First Republic Bank's credit rating to junk due to a deterioration in the bank's financial profile and increased reliance on short-term and higher cost wholesale funding due to deposit outflows. The bank is reportedly looking to raise money from other banks or private-equity firms by selling additional shares. Moody's maintained its outlook at "rating under review" due to continuing challenges to the bank's medium-term credit profile.