First Republic down 50% in late day trading following earnings report

Shares of First Republic are down $7.99, or 50%, to $8.01 after the bank reported earnings last night and ended its associated conference call without taking questions from analysts. Gillian Tan and Matthew Monks of Bloomberg have since reported that First Republic Bank is exploring divesting $50B to $100B of long-dated securities and mortgages as part of a broader rescue plan to help reduce its asset-liability mismatch.