The shares of the American bank “First Republic Bank” plunged in trading yesterday, Tuesday, by about 50%, and experts warned of a new wave of collapses in the American banking sector in the near future.
Yesterday, “First Republic Bank” shares ended trading, down by 49.38%, at $8.10 per share, according to Bloomberg agency data.
Thus, the stock fell for the second day in a row, and the decline came after publishing a financial report for the first quarter of 2023, and the American Bank announced a large exodus of deposits and an increase in loans.
The bank indicated that 40.8% of deposits were withdrawn in the first three months of the year, amounting to $104.47 billion, and in the last quarter of last year, it amounted to $176.43 billion.
For his part, the economist Alexander Nazarov indicated that the US government may nationalize the bank in light of the withdrawal of deposits and the collapse of its share, suggesting that a new banking crisis will occur in the United States in the near future.
This article was originally published by RT.