First Republic falls more than 40% to record low after reporting massive deposit drop

Shares of First Republic fell sharply and hit a record low Tuesday, as investors questioned how the bank would stabilize itself after losing about 40% of its deposits during the first quarter.

First Republic’s stock fell more than 40% on Tuesday, extending its year-to-date losses beyond 90%. It hit a record intraday low at $8.27 per share.