This week's drop for First Republic comes after the San Francisco-based lender said it lost roughly 40% of its deposits in the first quarter.
This week's drop for First Republic comes after the San Francisco-based lender late Monday said it lostin the first quarter. First Republic was seen by customers and investors alike as a risky bank after the collapse last month of Silicon Valley Bank, which had a similar financial profile.
First Republic also said in its quarterly report Monday that it was reviewing strategic options to help reshape its balance sheet. The steep decline in deposits came despite a group of 11 larger banks infusing $30 billion of deposits into First Republic in an attempt to instill confidence and prevent bank runs from spreading.
If First Republic is successful in selling off some of its assets, it will then look to raise equity, according to sources, which would dilute current shareholders.
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