First Republic Bank's stock craters 60% after it taps backstop billions to shore up liquidity
First Republic Bank's stock fell more than 60% in premarket trading Monday as investors fretted about the bank's stability.
The lender said over the weekend that it's getting $70 billion in funding from JPMorgan and the Fed's backstop for depositors. There are fears that Silicon Valley Bank's turmoil could spread to US regional banks such as First Republic. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox.
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