First Republic shares continue to slide on Wall Street despite bailout

bank shares First Republic They continued to fall this Monday more than 18% in electronic operations prior to the opening of the Wall Street stock market, despite the injection of US$ 30,000 million that it received last week from a group of large US banks, which at this time they were stable.

The drop in value of its shares comes a day after the agency S&P Global further reduced its credit rating from “BB-plus” to “B-plus”. This agency, along with the firms Moody’s and Fitch Ratings, had already downgraded the bank to junk status last week.

S&P insisted this Sunday that the entity has faced a “high liquidity stress with substantial outflows” of deposits.

First Republic is in the eye of the hurricane of the latest financial storm, after the authorities intervened two weeks ago the Silicon Valley and Signature banks, due to an explosive cocktail of lack of liquidity and a massive withdrawal of deposits by their clients .

For their part, the shares of the main banks that came to the rescue of First Republic last Thursday remained stable before the opening of the NYSE.

Thus, only the titles of JPMorgan and Bank of America fell 0.45% and 0.11%, respectively, while those of Citigroup rose 0.45% and those of Wells Fargo 0.64%.