Shares of First Republic Bank fell in trading on Wednesday by nearly 20% to $ 6.34, compared to its close in yesterday's session. The bank announced a decline in its deposits by 40.8% during the first quarter of 2023 on a quarterly basis, to $ 104.5 billion.
First Republic has suffered a cumulative loss of 90 percent since the beginning of this month amid fears that the San Francisco-based bank could fall victim to the same forces that caused the recent collapse of U.S. banks.