Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore
Important Takeaways:
- First Republic Bank’s shares fall 50% after ‘troubling’ earnings call where company execs refuse to answer questions after customers withdrew $100 billion following the collapse of Silicon Valley Bank
- First Republic Bank’s shares plunged 50 percent after a ‘troubling’ earnings call where company executives refused to answer questions.
- The stock dropped Tuesday after it emerged that customers withdrew more than $100 billion during last month’s crisis, with fears swirling that it could be the third bank to fail in quick succession after the collapse of Silicon Valley Bank and Signature Bank.
- First Republic held nearly $180 billion at the end of last year.
- The bank’s stock closed down 49 percent at $8.10, a fraction of the price it was a year ago when it traded for roughly $170 a share.
- A statement from First Republic issued late Monday stated the company was only able to stanch the bleeding after a group of large banks stepped in to save it by depositing $30 billion in uninsured deposits, which it received in March.
- But investors remained deeply skeptical about what path forward exists
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