First Republic's Stock Plummets, Seeks Rescue from Big Banks.
TL;DR Summary
First Republic Bank is seeking additional aid from other banks as it tries to shore up its balance sheet after reporting a nearly 41% deposit flight in its first-quarter earnings. The bank is trying to persuade large institutions to buy bonds from First Republic at above-market rates for a few billion in losses, or face $30 billion in FDIC fees if First Republic fails. Meanwhile, regional firms took big hits as uncertainty in the financial sector continues.
- First Republic Keeps Crashing, Pleading With Big Banks For Rescue Investor's Business Daily
- First Republic's dramatic slide continues, stock falls nearly 20% as bank looks for rescue deal CNBC
- First Republic hits all-time low: Stock plunges nearly 50% after big deposit drop CNBC Television
- First Republic Shows How Not to Bolster Confidence Bloomberg
- European stocks lower; banking worries continue to weigh By Investing.com Investing.com
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