First Republic shares continue their free fall amid mounting worries
CBSN
First Republic Bank's shares are sliding in pre-market trading after shedding half their value on Tuesday amid fears the regional firm could become the third bank to fail following the collapse of Silicon Valley Bank and Signature Bank.
First Republic's stock tumbled 8.3% in pre-market trading, slipping 67 cents to $7.43. Since the year's start, the shares have shed 93% of their value.
Investors were spooked by the bank's disclosure on Monday that depositors withdrew more than $100 billion during last month's crisis, raising concerns about First Republic's stability. The troubled bank said it now plans to sell off assets and restructure its balance sheet, and lay off as much as a quarter of its workforce, which totaled about 7,200 employees at the end of 2022.
Primaries in different parts of the country on Tuesday could exert some influence on Republicans' chances at gaining back ground from Democrats in November and help decide whether an often unpredictable House Republican who has upset members of her own party will make it to the general election. Here are a few races to watch:
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After four days of voting, with more than 400 million people eligible across 27 countries, European voters have pulled the bloc's 720-seat parliament farther to the right than it has ever been. The European Parliament, for the next five years, will now have a record number of far-right legislators. Far-right parties made gains in Europe's top three economies — Germany, France and Italy — with gains by politicians who campaigned against immigration, against support for Ukraine and against climate policy.