First Republic Bank's Deposits Plummeted by $102 Billion in 1Q.

First Republic Bank, which caters to wealthy individuals, lost $102 billion in customer deposits during the first quarter of 2023, not including a temporary $30 billion lifeline it received from big banks last month. The bank's executives offered little information on how it plans to steer out of its malaise, leaving investors and the public with few answers about its financial stability. The bank's slide began after Silicon Valley Bank and Signature Bank were taken over by federal regulators after customers pulled a big chunk of their deposits. First Republic has been in talks with financial advisers and government officials to come up with a plan to save itself that could include selling the bank or parts of it, or raising new capital.