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.
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