Shares of First Republic continued to plunge on Tuesday as regulators in Washington and financiers on Wall Street scrambled to come up with a plan to stabilise the ailing bank.
The California-based lender’s stock price, which is down by more than 93 per cent this year, fell by a further 49.4 per cent, a day after it revealed its customers had withdrawn $100bn of deposits during last month’s turmoil.
First Republic on Monday said it was pursuing “strategic options”, but multiple people briefed on the situation said it was struggling to come up with a viable solution, such as a sale of all or part of the bank.
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