First Republic Bank FRC shares are trading lower again during Wednesday's session, down by 21.73% to $6.34. The company on Monday announced a decline in deposits and revenue for the first quarter and said it will reduce its workforce by 20-25%.
The company also on Monday also said it would not take questions on its conference call and withdrew all previous guidance.
See Also: Awaiting Q1 GDP Results: Can US Economy Fend Off Recession Fears?
With a number of headlines impacting the stock Wednesday, among the most notable this week was FRC's announcement of an unprecedented deposit outflow of $100 billion in the quarter, excluding $30 billion in time deposits obtained from major U.S. banks.
Meanwhile, Christopher Wolfe, head of North American banks at Fitch Ratings, said that First Republic Bank's options are very challenging and probably very costly, especially for shareholders...Read More
According to data from Benzinga Pro, FRC has a 52-week high of $171.09 and a 52-week low of $6.34.
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