First Republic shares crash after credit rating cut again despite $30b rescue ... trends now
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Shares of First Republic Bank plunged by nearly 40 percent in premarket trading Monday, days after it was announced the struggling lender would receive a $30 billion lifeline from some of the US's largest banks.
Before the bell, shares in the bank - which has surfaced as one of the main indicators of the current volatility - fell as much as 37 percent after a retreat of 72 percent last week.
Traders have raised bets of the Fed likely hitting a pause on rate hikes on Wednesday to ensure financial stability as the collapse of Silicon Valley Bank and Signature Bank threatens to snowball into a bigger crisis.
Over the weekend, UBS agreed to buy rival Credit Suisse for $3.23 billion, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.
Shares of First Republic Bank plunged by nearly 40 percent in premarket trading Monday, days after it was announced the struggling lender would receive a $30 billion lifeline from some
