Troubled US bank First Republic has seen its share price sink by another third after reports that White House officials were unwilling to intervene in the rescue process.

The San Francisco-headquartered lender’s stock price fell by as much as 36pc in early trading on Wednesday, following a near halving on Tuesday.

First Republic has slumped after it revealed earlier this week that it had suffered $100bn (£80bn) of withdrawals, sparking concerns about its financial health.

Pressure on the bank has reignited fears of a wider US banking crisis.

The Financial Times had suggested earlier this week that First Republic was in talks with US authorities over emergency action.

However, CNBC reported on Wednesday in the US that government officials were currently unwilling to intervene in the First Republic rescue process.

First Republic said on Tuesday it was considering selling off between $50bn to $100bn worth of securities and mortgages to balance the books.

The bank also plans to cut up 25pc of its workforce, which totalled around 7,200 employees at the end of last year.

First Republic's advisers have reportedly lined up potential purchasers of new shares providing they can fix the bank's balance sheet, Reuters reported.

The bank’s predicament has rattled confidence in the global sector, with shares of lenders around the world dropping. Banking stocks dragging markets lower across Europe.

Clifford Bennett, chief economist at ACY Securities, said: “From a banking crisis still hovering just beneath the surface to the realisation Russia has long-range missiles that are incredibly accurate that no one has the capacity to stop, to the sharply higher China-US tensions, more sanctions against both Russia and China, and the likely further unravelling of global trade and the re-emergence of higher inflation, risks are huge.”