First Republic Bank was in talks with other banks to raise money in exchange for new shares, per the NYT|Cristiano Tomás|CC BY-SA 4.0
Even after the $30 billion infusion by Wall Street giants, shares of First Republic tanked close to 33% Friday.
The effects of the share drop rippled across the market, and shares of several banks, JPMorgan, Bank of America and Wells Fargo involved in the San Francisco-based lender’s rescue dropped between 2% and 4% on Friday.
The regional bank was in talks with other banks to raise money in exchange for new shares, per the New York Times.