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The Eagle Has Fallen

This chart description is for illustrative purposes only and its accuracy cannot be guaranteed. Please see full disclosures at end of PDF document in the web post. General description: Three-line chart showing year-to-date returns for First Republic Bank, KBW Regional Banking Index, and S&P 500. Chart subtitle: First Republic’s stock had been under pressure since SVB’s demise, though losses escalated after the bank reported clients had withdrawn more than half of the bank’s deposits. Chart source: Bloomberg as of May 1, 2023. Chart visual description: Y-ais is labeled YTD Return and ranges from +20% to -100%. X-axis shows dates from 1/3 to 4/25 in weekly increments; data is daily. First Republic Bank is plotted in brown, KBW Regional Banking Index is plotted in slate, and S&P 500 is plotted in light blue. Chart data description: Up to mid-March all three lines were positive. S&P 500 has remained positive, but KBW Regional Banking Index had a sharp decline in March, from +1.0% 3/6 to -17.5% 3/13. Since then it has slightly recovered several times, but has continued to decline overall, to -23.6% as of 5/1. First Republic Bank saw a huge decline in March, from 0.1% on 3/6 to -74.4% on 3/13. Since then, FRB has continued to decline, and as of 5/1, it hit -100%. End chart description. See disclosures at end of document.
Posted on May 2, 2023May 2, 2023 Full size 1911 × 1033

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