Banking Turmoil Continues: First Republic Loses Billions in Deposits

First Republic's stock plummeted 49% after revealing an outflow of more than $100 billion in deposits in March, raising new questions about the fate of the San Francisco lender. The bank outlined its survival strategy, including increasing insured deposits, trimming borrowings, shrinking its balance sheet, reducing its workforce by 20-25%, and pursuing other strategic options, including a sale or raising more capital. The creation of a "bad bank" was also reported as a possibility.