Downfall of US Banks | First Republic Bank share falls nearly 50% to record low | Jagran Business

As investors questioned how the bank would stabilise itself after losing roughly 40% of its deposits during the first quarter, shares of First Republic dropped sharply and hit a record low on Tuesday.The shares of First Republic dropped more than 49% on Tuesday, increasing its losses for the year to more than 90%. Its lowest closing level in history was $8.10 per share.

The dip follows the bank's first-quarter financial report, which revealed that client withdrawals following Silicon Valley Bank's failure caused First Republic's deposits to decline by 40.8% during the quarter.A $30 billion injection from 11 bigger banks was included in First Republic's deposits at the conclusion of the quarter and was intended to stabilise the larger financial system. First Republic's net outflows would have exceeded $100 billion if those funds hadn't been included.