First Republic Bank's Shares Downgraded to Junk Status by S&P Global; Stock Slides More Than 25% Lower – Bitcoin News

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Despite the recent cash infusion, First Republic Bank's shares fell more than 25% on Monday during the afternoon trading sessions. FRC USbanks

First Republic Bank's Shares Downgraded to Junk Status by S&P Global; Stock Slides More Than 25% Lower

After UBS acquired Credit Suisse and close to a dozen financial institutions injected $30 billion into First Republic Bank four days ago, S&P Global downgraded First Republic’s shares to junk status on Sunday. Investors are concerned that the cash infusion from 11 major financial institutions may not address the bank’s liquidity issues. First Republic’s shares fell more than 15% on Monday morning when Wall Street opened and by 1:15 p.m. , the stock was down more than 25%.At around 1:15 p.m.

 

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First Republic Bank: Shares fall 17% following second credit rating downgradeShares of First Republic Bank tanked by over 17% in premarket trading Monday morning amid news that S&P Global issued its second credit downgrade for the embattled bank within a week.
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