First Republic Extends Plunge as Bank Said to Weigh Options

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First Republic Extends Plunge as Bank Said to Weigh Options

Bloomberg2023-03-16

Shares fall as much as 28% in early trading on ThursdayLender said to be exploring strategic options including a saleFirst Republic Bank tumbled to put shares on pace to close at a record low level, ...

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Dawang
·2023-03-17
Trust and confidence really takes decades to build, but seconds to destroy...
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ArcherWG
·2023-03-17
Noted
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phantom74
·2023-03-17
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NPC69
·2023-03-16
K
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The firm that’s mulling a sale is also weighing options for shoring upliquidity, according to people familiar with the matter.“Normally, a headline of a potential sale would support the stock,” Christopher McGratty, an analyst at Keefe, Bruyette and Woods, wrote in a report. “However, the potentially significant deposit outflows post-SIVB failure likely leave FRC in a tough spot.”“Any potential sale would likely be a tough outcome for existing shareholders, given mark-to-market accounting on loans,” McGratty wrote.Investors across the banking space are on tenterhooks amid the upheaval in US regional lenders as well as thetumultsurrounding Credit Suisse Group AG. Shares of the Swiss bank rebounded Thursday after itopened a $54 billion line of creditwith the country’s central bank and offered to buy back debt. The European Central Bankdelivered a planned half-point hikein interest rates on Thursday.On Wednesday, First Republic shares sank 21% as its credit rating wascut to junkby S&P Global Ratings and Fitch Ratings. The bank said Sunday that itstotal available unused liquidityto fund operations was morethan $70 billion, from agreements that included the Federal Reserve and JPMorgan Chase & Co.First Republic specializes in private banking and wealth management, and has tried to differentiate itself from Silicon Valley Bank. Several regional bank peers were down as well. PacWest Bancorp sank by 14% and Western Alliance Bancorp slid 9%.“First Republic’s options have narrowed following deposit outflow, a sharp share-price decline and recent downgrades from ratings agencies, while a potential sale of the bank could center on the attractive wealth-management business,” Herman Chan, an analyst atBloomberg Intelligence, wrote in a note.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":9943949012,"gmtCreate":1679064443836,"gmtModify":1679064450732,"author":{"id":"3579482809178950","authorId":"3579482809178950","name":"Dawang","avatar":"https://static.tigerbbs.com/d0f01f2346125f600328ffd48beb3a4c","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":4,"crmLevelSwitch":0},"htmlText":"Trust and confidence&nbsp;really takes decades to build, but seconds to destroy...","listText":"Trust and confidence&nbsp;really takes decades to build, but seconds to destroy...","text":"Trust and confidence really takes decades to build, but seconds to destroy...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943949012","repostId":1107223006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9943070781,"gmtCreate":1679006649744,"gmtModify":1679006653312,"author":{"id":"3581837121803380","authorId":"3581837121803380","name":"ArcherWG","avatar":"https://community-static.tradeup.com/news/38e40c44fababa6849ceb15dfe8931a3","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943070781","repostId":1107223006,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9943045597,"gmtCreate":1679003809519,"gmtModify":1679003812845,"author":{"id":"3570342809089528","authorId":"3570342809089528","name":"phantom74","avatar":"https://static.tigerbbs.com/c87ef2af41b8696be86cceafb5b5723d","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":3,"crmLevelSwitch":0},"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943045597","repostId":1107223006,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9943021470,"gmtCreate":1678976564990,"gmtModify":1678976567761,"author":{"id":"3584779133668268","authorId":"3584779133668268","name":"NPC69","avatar":"https://static.tigerbbs.com/47e7ac55312ae8dd1c9e7cb92adad089","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943021470","repostId":1107223006,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":67,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}