San Francisco-based First Republic Bank is fighting for survival, with its shares staging a sharp relief rally early Thursday morning, though some of it faded in later trading as investors consider what’s next for the beleaguered bank.
Shares of First Republic popped nearly 20 percent in volatile trading on Thursday morning following a sharp selloff earlier in the week that wiped out around 60 percent of the stock’s value after the beleaguered bank announced that its depositors had withdrawn over $100 billion of their savings in the wake of recent bank failures.
Thursday’s early-morning rally, which also saw other U.S. bank stocks rise, followed a bruising slide in recent days that was sparked by an earnings report (pdf) First Republic Bank released on April 24, revealing it had experienced an “unprecedented” run on deposits following the collapse of Silicon Valley Bank (SVB) and Signature Bank….