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Axios
Axios
Business

First Republic leads rout as SVB backstop fails to quell jitters

SVB First Republic US Federal Reserve

First Republic Bank shares plunged by more than 60% early Monday, leading a broad rout in bank stocks as a dramatic rescue of embattled Silicon Valley Bank failed to quell market volatility.

Driving the news: PacWest tumbled by more than 37% in pre-market trading. Western Alliance cratered by over 68%. Signature — which was seized by regulators Sunday was not trading.

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