NEW YORK/BERLIN – First Republic Bank shares sank more than 45% to another record low on Monday, extending recent declines as the emergency intervention last week by 11 of the world's largest lenders has yet to stabilize the midsized bank.
The California-based lender was downgraded for a second time this week over the weekend by S&P Global, contributing to the declines on Monday. First Republic was also hit by a report from The Wall Street Journal that J.P.Morgan was in touch with other big lenders about putting together another rescue plan.
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