As First Republic Bank's shares plummet 29% and $100 billion in deposit outflows create havoc, the bank receives a crucial $30 billion rescue package from Wall Street's largest lenders. But what exactly pushed First Republic Bank to the edge, and how did this rescue package save ...
Quick Take
- First Republic Bank shares plunged during the opening bell of today’s trading session, 29% down.
- As banking risks stayed high, First Republic Bank saw $100 billion in deposit outflows.
- It seems First Republic Bank is being kept on life support as they received $30 billion from the largest lenders on Wall Street.
- The bank’s deposits fell by 40% in 22 days; the decline could have been as big as 57% if not for the rescue package.
- Furthermore, the bank expects to reduce its headcount by 20-25% in the next two months.
- The opinion was that the banking crisis was over. However, regional bank stocks (KRE) are trading at year-to-date lows.
- Bitcoin is up over 35% from the start of the banking collapse back in mid-march. Could another nose dive in the banking sector spur another rally for Bitcoin?
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