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First Republic drops 70%, leads decline in bank stocks despite government’s backstop of SVB

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A First Republic Bank branch in New York, US, on Friday, March 10, 2023. First Republic Bank shares were halted after plunging by as much as 53% on Friday, the most intraday on record, as bank stocks are roiled by the fallout from SVB Financial Group.

Jeenah Moon | Bloomberg | Getty Images

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