First Republics market value plunges below $1bn from $40bn peak | Business and Economy News
Reports show US govt may not intervene in rescue process and regulators may downgrade bank’s score, adding to the stress it faces.
First Republic Bank’s market value plunged below $1bn for the first time ever on Wednesday after a report said the United States government was unwilling to intervene in the rescue process, hammering the lender’s stock.
After a brutal selloff, the bank’s market capitalization was about $886m at its lowest on Wednesday, a far cry from its peak of more than $40bn in November 2021.
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