First Republic's Stock Plummets Amidst Investor Concerns and Rescue Deal Talks
TL;DR Summary
Shares of First Republic Bank plummeted as investors reacted to the bank's financial disclosures, which revealed a loss of over 40% of its deposits in March due to unprecedented deposit outflows. The bank's stock has been volatile, with trading halted eight times on Wednesday. First Republic has tried to reassure customers and investors, but concerns about its long-term viability persist. The bank has announced plans to cut costs, including laying off 20-to-25% of its workforce and reducing its real estate holdings.
Topics:business#banking-sector#deposit-outflows#finance#financial-disclosures#first-republic-bank#stock-market
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- First Republic Shows How Not to Bolster Confidence Bloomberg
- Bankers’ pitch to save First Republic: Help us now, or pay more later when it fails CNBC
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