First Republic Bank’s stock continued to slide Wednesday, an ongoing rout that has erased 60% of its value just this week on concerns about the bank’s financial health in the wake of two other bank collapses.
Shares slumped almost 30%, following an even more severe tumble Tuesday, after the bank revealed that depositors withdrew more than $100 billion last month following the collapse of Silicon Valley Bank and Signature Bank.
Trading in the bank’s shares was halted several times for volatility.
The bank said late Monday that it was only able to stop the bleeding after a group of large banks stepped in to save it by depositing $30 billion in uninsured deposits.
The San Francisco bank plans to sell off unprofitable assets, including low interest mortgages it provided to wealthy clients. It also has plans to lay off up to a quarter of its workforce, which totaled about 7,200 employees at the end of last year.