First Republic's stock closed down 49.19% to $8.13 per share on Tuesday, a day after reporting that deposits fell by over 40%.
The bank in its Q1 earnings summary said it would reduce its 7,200-person workforce by up to 25%.
Analysts grew even more worried when First Republic leaders closed yesterday's earnings call without fielding any questions.
"The conference call did not go well," Chris Marinac, an analyst at Janney Montgomery Scott, told US media on Tuesday. "I think the market didn’t like the lack of questions."
First Republic's downward ride may not be over based on analyst reactions with some suggesting a complete failure may be near.
"With still a large level of uncertainty in outcomes and expected losses beyond the next year, we recommend investors sell shares as the outlook appears largely unclear," Citi analyst Arren Cyganovich told US outlets.