Since Silicon Valley Bank and Signature Bank were both closed by regulators, it's been a tough road for First Republic Bank. The $30 billion in added deposits from 11 big banks haven't been enough.
In its first quarter of the year, revenues are down $1.2 billion, or 13.4%, year over year, according to the bank's financial results. Net income, down 32.9%. Diluted earnings per share, off by 38.5% from 2022. This was a big miss from analyst expectations.
Share prices were down 29.8% on Wednesday from Tuesday, sitting at $5.69. That's a 95.32% plunge since the opening of the year, according to data from S&P Global Market Intelligence.
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