First Republic Bank plunged at the opening bell Wednesday, an ongoing route that has erased more than 50% of its value just this week on concerns about the bank's financial health in the wake of two other bank collapses.
Shares slumped 16%, following an even more severe tumble Tuesday, after it revealed that depositors withdrew more than US$100 billion last month after the collapse of Silicon Valley Bank and Signature Bank.
The bank said late Monday that it was only able to stop the bleeding after a group of large banks stepped in to save it by depositing $30 billion in uninsured deposits.
The San Francisco bank plans to sell off unprofitable assets, including low interest mortgages it provided to wealthy clients. It also has plans to lay off up to a quarter of its workforce, which totaled about 7,200 employees at the end of last year.
Citi analyst downgraded First Republic on Wednesday, saying in a note to clients that there's still a large level of uncertainty in outcomes and expected losses beyond the next year.
"The high cost of its borrowings relative to its earning assets puts it under-water and likely generates losses until it can right-size the balance sheet," he wrote.
First Republic's stock closed down 49% at $8.10 on Tuesday, a fraction of the price it was a year ago when it traded for roughly $170 a share.
First Republic reported first-quarter results Monday that showed it had $173.5 billion in deposits before Silicon Valley Bank failed on March 9. On April 21, it had deposits of $102.7 billion, which included the $30 billion the big banks deposited. It said since late March, its deposits have been relatively stable.
The bank's shares, which cost close to $150 apiece in February, traded for around $6 early Wednesday.
Police released the identities of the mother and daughter who were killed after a fire tore through a 160-year-old building in Old Montreal on Friday.
Tropical Storm Milton has formed in the Gulf of Mexico. It is located 220 miles (355 kilometres) north-northeast of Veracruz, Mexico.
The sentencing of the man who pleaded guilty in the deadly hit-and-run in Kitsilano two years ago began on Friday.
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton’s McMaster University.
A 30-year-old northwestern Ontario woman has been charged with arson following a structure fire Thursday night, police say.
Ontario Provincial Police have laid stunt charges against a driver caught speeding 75 km/h over the speed limit on Highway 417 in Ottawa's west end.
Travelling on a budget can be stressful, but there are ways you can ensure you're getting the best deal on flights as the holiday season approaches.
A French judge in the trial of dozens of men accused of raping an unconscious woman whose now former husband had repeatedly drugged her so that he and others could assault her decided on Friday to allow the public to see some of the video recordings of the alleged rapes.
Being an armchair detective has turned into an American obsession, fueled by an abundance of true-crime content in podcasts and television series. But some of those projects have sparked actual legal developments.
An organization who has assisted in locating 40 missing people since 2018, has its sights set on the Thames River near Cavendish Park in London, Ont.
The identities have been released of the mother and daughter who were killed after a fire tore through a 160-year-old building in Old Montreal on Friday.
Ontario Provincial Police have laid stunt charges against a driver caught speeding 75 km/h over the speed limit on Highway 417 in Ottawa's west end.
The sentencing of the man who pleaded guilty in the deadly hit-and-run in Kitsilano two years ago began on Friday.
Fedaa Nassar says any time she has heard the phone ring in the last year, she becomes overwhelmed with anxiety.
New data shows the automated speed enforcement camera on King Edward Avenue, between Bolton Street and St. Patrick Street, issued 6,337 speeding tickets in August, the highest number of tickets issued by Ottawa's 40 photo radar cameras.
Donald Trump plans to return Saturday to the site where a gunman tried to assassinate him in July, as the former U.S. president sets aside what are now near-constant worries for his physical safety in order to fulfill a promise — “really an obligation,” he said recently — to the people of Butler, Pa.
Being an armchair detective has turned into an American obsession, fueled by an abundance of true-crime content in podcasts and television series. But some of those projects have sparked actual legal developments.
A French judge in the trial of dozens of men accused of raping an unconscious woman whose now former husband had repeatedly drugged her so that he and others could assault her decided on Friday to allow the public to see some of the video recordings of the alleged rapes.
French authorities said four migrants, including a two-year-old child, died Saturday in two separate incidents as they attempted to cross the English Channel toward Britain.
A rural Colorado county courthouse beefed up security Friday after threats were made against staff and a judge who sentenced former county clerk Tina Peters to nearly nine years behind bars for her role in a data breach scheme catalyzed by the lie that the 2020 election was stolen from former President Donald Trump.
A judge ripped into a Colorado county clerk for her crimes and lies before sentencing her Thursday to nine years behind bars for a data-breach scheme spawned from the rampant false claims about voting machine fraud in the 2020 presidential race.
Prime Minister Justin Trudeau repeatedly reiterated calls for a ceasefire in the Middle East on Saturday as he blamed Hamas, Hezbollah and Israel for a staggering number of civilian deaths.
While America's southern border remains a hot button issue on the campaign trail, the result of the U.S. election in November could also impact the northern frontier with Canada, which remains the longest undefended border in the world.
NDP House leader Peter Julian says there's more his party wants to do in Parliament before the next election, but if the current dysfunction continues it will become a factor in how they vote on a confidence measure.
Bruzzese came down with COVID-19 in February 2023, and received her injection at the end of March. “Being able to recognize smells is something we take for granted, until you can’t.”
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton’s McMaster University.
Convenience store firms that operate thousands of outlets across Canada are taking the federal government to court to overturn regulations that restrict the sale of nicotine pouches to pharmacies.
Scientists announced on Thursday a milestone in neurobiological research with the mapping of the entire brain of an adult fruit fly, a feat that may provide insight into brains across the animal kingdom, including people.
For humans, flashing a smile is an easy way to avoid misunderstanding. And, according to a new study, bottlenose dolphins may use a similar tactic while playing with each other.
Alphabet's Google is testing showing check marks next to certain companies on its search results, a company spokesperson said on Friday, in a move aimed at helping users identify verified sources and steer clear of fake websites.
Hollywood star Keanu Reeves made his professional auto racing debut on Saturday in an event in which 'The Matrix' star spun out at famed Indianapolis Motor Speedway.
You might be thinking, 'Shut up!' but it’s officially true: the 'Princess Diaries' franchise is finally growing.
Legendary singer Paul Simon has said he is 'optimistic' about being able to return to performing live after losing most of his hearing in his left ear.
Dubai's Emirates airline has banned pagers and walkie-talkies from its planes, following last month's attacks on such devices carried by the Lebanese militant group Hezbollah.
TikToks of customers stuffing their faces with a US$20 endless shrimp. More than 100 restaurant closures and thousands of layoffs. A revolving door of CEOs. Chapter 11 bankruptcy.
Brazil's Supreme Court said on Friday that lawyers representing social media platform X did not pay pending fines to the right bank, postponing its decision on whether to allow the tech firm to resume services in Brazil.
Travelling on a budget can be stressful, but there are ways you can ensure you're getting the best deal on flights as the holiday season approaches.
A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
Toilet paper shortages in stores across America are giving folks nightmarish reminders of the pandemic era. But the lack of toilet paper isn’t a direct result of a major port strike Tuesday. It’s because of panic buying.
A permanent memorial at the site of the 2018 Humboldt Broncos bus crash is about to be a step closer.
The loss that extinguished the Calgary Stampeders playoff dreams Friday provided some deja vu for head coach Dave Dickenson.
According to the Canadian Women & Sport's 2022 Rally Report, 76 per cent of girls who participate in sports believe it helps build confidence and enhances their mental health. While those benefits are important for all children, the organization's CEO says, right now, girls have less access.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north
What does New Westminster's təməsew̓txʷ Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.
Fire crews battled a massive blaze in downtown Langley Saturday morning.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
The man suspected of murdering another man inside a Mackenzie, B.C., home last weekend has been arrested.
A Toronto police officer has been arrested after allegedly stealing three bottles of alcohol from a store.
Argentine star Lionel Messi was on the bench to start Inter Miami CF's game in Toronto on Saturday.
Two pedestrians have been taken to hospital with serious injuries after an early-morning collision in Vaughan.
An investigation is underway into a Friday night collision in southeast Calgary that left one person dead.
One person is dead following a rollover Saturday in the area of Plummers Road and Priddis Valley Road.
The loss that extinguished the Calgary Stampeders playoff dreams Friday provided some deja vu for head coach Dave Dickenson.
Demonstrators converged on downtown Ottawa Saturday afternoon as part of a global day of action to protest Israel's military actions in the Middle East.
New data shows the automated speed enforcement camera on King Edward Avenue, between Bolton Street and St. Patrick Street, issued 6,337 speeding tickets in August, the highest number of tickets issued by Ottawa's 40 photo radar cameras.
Environment Canada has issued a frost advisory as temperatures across Ottawa and eastern Ontario are expected to dip near the freezing mark this evening.
Police released the identities of the mother and daughter who were killed after a fire tore through a 160-year-old building in Old Montreal on Friday.
Montreal police say they are increasing their presence across the city ahead of the one-year anniversary of the Oct. 7 start of the Israel-Hamas war.
Montreal police say a business in the city's Pointe-Saint-Charles neighbourhood was hit with Molotov cocktails two nights in a row.
An estimated four billion birds will navigate man-made environments as they travel south from North America during fall migration. Tens of million of them will die en route due to human-created hazards.
Highway 39 near Warburg was closed Saturday after a serious crash involving a motorcycle and a van.
A 79-year-old woman is dead after the vehicle she was driving crashed into an east Edmonton building late Friday afternoon.
A riding in southwest New Brunswick that for decades was a Progressive Conservative stronghold is shaping up to be a bellwether that could offer a window into the future of the Tory party, and maybe of the province.
Tropical Storm Milton has formed in the Gulf of Mexico. It is located 220 miles (355 kilometres) north-northeast of Veracruz, Mexico.
Nova Scotia author Allison Maher made the jump from young adult (YA) to adult fiction with her most recent novel, “The Last of the Firsts” and the response from readers has been a surprise for the writer.
It’s 1998. Google was just born, and dial-up was the primary way to connect to the Internet. New sites were being developed daily on any number of topics, from recipes to shopping. David Yanciw, however, was thinking big - big things, that is.
A two-storey house that was under construction was the scene of a Saturday morning fire in Winnipeg’s Glenwood neighbourhood.
Highway 12 has been reopened following a single motor vehicle collision Saturday morning in the RM of Brokenhead, Man.
A wind warning has been issued for parts of southern Saskatchewan, with gusts of up to 100 kilometres per hour (km/h) possible in some areas on Saturday, Environment and Climate Change Canada says.
Regina police are investigating after guns were fired at two homes last week, with one home being shot at on multiple occasions.
A permanent memorial at the site of the 2018 Humboldt Broncos bus crash is about to be a step closer.
The Huron Ontario Provincial Police said they responded to a “downed airplane” just after 11 a.m. Saturday.
Police say they were called to the area of Simcoe Street and Market Street around 1:30 a.m. Saturday for a report of an assault.
The Oktoberfest Parade is fast approaching and organizers are urgently seeking volunteers to fill the role of sign carriers.
A permanent memorial at the site of the 2018 Humboldt Broncos bus crash is about to be a step closer.
The Saskatchewan Teachers' Federation hosted a virtual election forum on education Thursday evening, giving candidates in the provincial election a chance to share their thoughts and answer questions on issues teachers find most important.
A Saskatchewan man living in the United States has pleaded guilty to possessing child pornography after he unknowingly provided disturbing videos to an FBI agent he thought was a pedophile.
Canadian musician Jacob Hoggard has been found not guilty of sexually assaulting a young woman in northeastern Ontario eight years ago. The former Hedley frontman had pleaded not guilty to sexual assault.
Police released the identities of the mother and daughter who were killed after a fire tore through a 160-year-old building in Old Montreal on Friday.
Fire crews in Greater Sudbury battled a large garage fire on Friday.
An organization who has assisted in locating 40 missing people since 2018, has its sights set on the Thames River near Cavendish Park in London, Ont.
Huron OPP say they were on the scene of a plane crash this morning, with a pilot finding themselves unable to halt before the end of a runway in Brussels.
Canadians who are eligible for a GST/HST tax credit can expect their final payment of the year on Friday.
OPP are seeking assistance in their search for a 30-year-old man last seen in Orillia.
After collecting around a thousand bags of donated hockey equipment and 2,000 sticks since April, Saturday's Indigenous Hockey Equipment Drive in Barrie began delivering to youth in need across 15 Indigenous communities across Ontario.
Three people from Simcoe County face charges in relation to a drug trafficking investigation that police say resulted in the seizure of several weapons, drugs and thousands of dollars worth of stolen property.
The municipality issued a stern reminder for code violators, as both were fined following a warning issued by Leamington Fire Services.
According to police, the suspect entered and vandalized the property in the 700 block of Grand Marais Road Easton on September 28.
Travelling on a budget can be stressful, but there are ways you can ensure you're getting the best deal on flights as the holiday season approaches.
The leaders of both British Columbia's provincial Conservatives and New Democrats are in the Okanagan campaigning today.
We haven't heard the candidates talk much about education during B.C.'s 2024 election campaign, but the teachers' union is trying to put the spotlight on that issue.
The body of a British Columbia mountain climber has been located and recovered after the 39-year-old man was reported missing during a solo climb on Washington state's Mount Baker earlier this week.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
The leaders of both British Columbia's provincial Conservatives and New Democrats are in the Okanagan campaigning today.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week – and authorities have asked the public to stop circulating disturbing videos of the incident.
While the summer may be over, construction season in Lethbridge is not.
Lethbridge police executed dozens of warrants and laid numerous charges in another targeted enforcement project in the downtown area.
A person was airlifted to hospital following a serious crash in Taber, Alta., on Friday morning. Taber RCMP responded to the scene on Highway 864 around 10:30 a.m., for a crash involving an SUV and a semi-truck.
The Ontario College of Family Physicians has presented awards to 750 doctors based on comments from patients, including eight physicians who are part of the Group Health Centre in Sault Ste. Marie.
Two teens, ages 14 and 19, have been charged with arson in connection with a July 14 fire in Cat Lake First Nation that destroyed $500,000 in construction materials.
A northeastern Ontario jury has started deliberating in Canadian musician Jacob Hoggard's sexual assault trial, we can now tell you what they weren't allowed to hear.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people’s basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
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