First Republic Bank collapse in pre-trade on Wall Street

(ANSA) - MILAN, MARCH 13 - First Republic Bank, one of the US regional banks that came under pressure after the bankruptcy of SVB, is unable to calm the markets despite stating in a note overnight that it "has strengthened and diversified its financial position through the access to additional liquidity made available by the Fed and JP Morgan", with the effect of having more than 70 billion dollars of unused liquidity.

Despite assurances from top management that "the bank's capital and liquidity position is very strong", the stock sank more than 60% in pre-marketing on Wall Street.

(HANDLE).