Losses of “First Republic Bank” shares revive concerns about US ‎banks’s safety

Shares of First Republic Bank fell by 49% yesterday, after the bank announced a sharp decline in deposits, by more than $ 100 billion in the first quarter of 2023, which fueled concerns about the future of the bank and the safety of the American banking sector after the collapse of Silicon Valley Bank “SVB” and two other medium-sized banks.

According to Al-Arabiya, it is mentioned that the “First Republic” has lost more than 90% of its value since early March.

In a related context, the main indices on Wall Street recorded their largest decline this month due to the pessimistic expectations of UPS, which exacerbated concerns about the slowdown in the US economy.