First Republic Bank shares slide in volatile trading session

KIFI

Published March 20, 2023 8:20 AM

By MICHELLE CHAPMAN
AP Business Writer

Shares of First Republic Bank fell another 47% Monday as investors remain uneasy about the bank’s financial condition even after a group of the nation’s largest financial institutions teamed up on a $30 billion rescue package. Trading in First Republic shares was halted numerous times due to the volatility. The shares have dropped around 88% in the past two weeks. Over the weekend, First Republic’s credit rating was downgraded by S&P Global Ratings. Despite concerns about the banking sector, stock markets in the U.S. and Europe rose, with most bank shares showing gains.

Article Topic Follows: AP National Business

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