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Liquor Sales Will Be Brisk On Wall Street Ahead of First Republic Bank’s Earnings Report On Monday

April 20, 2023

by Pam Martens and Russ Martens Wall Street on Parade

When JPMorgan Chase, Bank of America, Citigroup and Wells Fargo announced on March 16 that they were plunking $5 billion each of their corporate funds as uninsured deposits into the sinking First Republic Bank, they tied their corporate brand and their own bank’s image of safety and soundness to that of a teetering lender.

Here’s what happened in short order thereafter:

First Republic Bank’s stock closed on Thursday, March 16, the date of the announcement of the big infusion of money during market hours, at $34.27. On Friday, March 17, First Republic’s stock closed at $23.03. On Monday, March 20, the stock closed at $12.18.