First Republic shares plunge again as hopes of rescue deal fade

First Republic Bank shares were halted repeatedly after dropping as much as 50pc this afternoon following a report from
CNBC that the most likely outcome of rescue talks is for the Federal Deposit Insurance Corporation to take the lender into

Shares sank to a fresh all-time low of $3.09, after rising as much as 6.6pc earlier on reports of meetings to devise a plan for the bank.

First Republic’s plunge has wiped out more than $21bn (£16.67bn) in market value this year, making it the smallest S&P 500 Index member by value.

More to follow.

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