First Republic Bank is back in the news after its stock crashed following a horrible earnings report.
BREAKING: First Republic Bank stock plunges more than 44% pic.twitter.com/DUEtXZplwn
— Insider Paper (@TheInsiderPaper) April 25, 2023
First Republic Bank, $FRC, is now down 39% today after earnings and has just been halted.
The stock is down 92% this year and now has a $1.8 billion market cap.
Regulators failing to backstop all deposits temporarily has destroyed small banks. pic.twitter.com/82sM6GnsgM
— The Kobeissi Letter (@KobeissiLetter) April 25, 2023
The banking system is still in horrible shape. Nothing has been fixed. They just put a band aid on a bullet wound a few weeks back.
Any assets you have in a bank, you should be prepared to lose.
