First Republic Bank experiences massive deposit loss and stock drop.
TL;DR Summary
First Republic's stock dropped over 29% after revealing an outflow of over $100 billion in deposits in March, raising questions about the fate of the San Francisco lender. The bank plans to increase insured deposits, trim borrowings, shrink its balance sheet, reduce its workforce by 20-25%, and pursue strategic options, including a sale or raising more capital. Analysts say the bank faces uncertainty as it tries to recover from last month's chaos, and its future is uncertain.
Topics:business#deposit-outflows#finance#first-republic#potential-sale#profitability#survival-strategy
- First Republic stock plummets after revealing deposit exodus in March Yahoo Finance
- First Republic Bank shares whipsaw on earnings, layoffs and plunging deposits CNBC Television
- First Republic says deposits tumbled 40% to $104.5 billion in 1Q, but have stabilized since CNBC
- First Republic lost $72 billion in deposits amid bank turmoil Yahoo Finance
- First Republic Bank LOSES $100 billion in deposits | World Business Watch | WION WION
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