Everything you need to know about the collapse of First Republic Bank.
Shares in troubled First Republic Bank crashed more than 46% on Monday. And they're continuing to mimic a cliff.
What happened?
On Sunday, Reuters reported that the lender was still trying to put together a deal to raise capital, days after 11 of the biggest names in US banking, including JPMorgan Chase, Citigroup, Bank of America and Goldman Sachs kicked in $30bn.
Another thing.
S&P Global downgraded First Republic deeper into junk status.
A lower credit rating indicates a higher risk of default, which can lead to higher borrowing costs and difficulty accessing capital.
I don't know if FRC can climb out of this hole.
But banks and authorities are doing everything they can to prevent a meltdown.
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