Published 25 April 2023 at 22.53
Economics. The troubled US bank First Republic, in which the Swedish pension giant Alecta has invested heavily, fell by another 50 percent in value at the close of the stock exchange on Tuesday.
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The stock thus set a new record low, writes CNN.
The bank reported late Monday that its total deposits fell by 41 percent in the first quarter, to $104.5 billion, even after a consortium of other banks stepped in with $30 billion to prevent the regional bank from failing.
– We experienced an unprecedented saw deposit outflows, CEO Michael Roffler said during a press conference.
His speech lasted about 13 minutes and he did not take questions from investors or the media.