First Republic Bank’s shares lost almost half of their value on Tuesday, a day after the mid-size U.S. bank said customers had pulled more than $100bn from their accounts amid last month’s banking panic, Bloomberg reported on Tuesday.
“The First Republic Bank drama revived the bank stress. Even before the US open, the European banks were dragging the European equity indices lower,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
The bank said it lost roughly 40 percent of its deposits in the days following those collapses, as customers rushed to withdraw funds.
It ended March with roughly $104bn in deposits, including $30bn it received from other banks in a rescue plan aimed at shoring up confidence.