First Republic Bank's Stock Plummets Amid Government Intervention Concerns
First Republic Bank's market value fell below $1 billion for the first time ever after a report stated that the US government was unwilling to intervene in the rescue process, causing the bank's stock to plummet. The bank has been exploring options such as selling assets or creating a "bad bank" to isolate financial assets with problems. However, analysts have highlighted several roadblocks that could complicate rescue efforts for the San Francisco-based lender as it looks to emerge from the crisis sparked by an outflow of more than $100 billion in deposits in the first quarter.