A major First Republic Bank shareholder sells off at a significant loss.
“The uncertainty about First Republic’s future was too great, partly due to the fact that the lender was downgraded to junk status.”
According to media reports, Alecta took a $728 million loss on the sale of its First Republic shares. That loss came on top of roughly $862 million Alecta had in SVB and $310 million in Signature Bank before their closures.Billing to investigate whether its"investment strategy, risk allocation and mandate for asset management is optimal” last week. The fund was also in communication with the Swedish Financial Supervisory Authority on its investment in the U.S. banks.
The CEO of Alecta, the Sweden pension fund that lost over $1 billion in the SVB fallout, is concerned about "breaking the markets" if central bank tightening is "too aggressive"
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First Republic Bank: Shares fall 17% following second credit rating downgradeShares of First Republic Bank tanked by over 17% in premarket trading Monday morning amid news that S&P Global issued its second credit downgrade for the embattled bank within a week.
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First Republic Bank shares slide in volatile trading sessionTrading in shares of First Republic Bank was halted multiple times on Monday as uneasiness still surrounds the financial institution following its $30 billion rescue package. First Republic Bank received a $30 billion rescue package from 11 of the biggest U.S.
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First Republic Bank shares slide, trading halted in volatile trading sessionTrading in shares of First Republic Bank was halted multiple times on Monday as uneasiness still surrounds the financial institution following its $30 billion rescue package.
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First Republic Bank shares slide in volatile trading sessionShares of First Republic Bank fell another 47% Monday as investors remain uneasy about the bank’s financial condition even after a group of the nation’s largest financial institutions teamed up on a $30 billion rescue package.
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