US regulators prepare to seize, sell First Republic Bank

May 01, 2023 02:11 AM

US regulators were on Saturday racing to seize and sell the First Republic Bank before financial markets open on Monday, The New York Times cited sources as saying.

The move is being led by the Federal Deposit Insurance Corporation (FDIC) after the bank's shares tumbled 75% since Monday when it disclosed that customers had withdrawn over half of its deposits.

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