First Republic Bank shares dive on 40% drop in deposits
A person walks past a First Republic bank branch in Manhattan on April 24, 2023 in New York City. The bank says it lost more than 40% of its deposits in the first quarter this year, but added that the situation has stabilised since late March. – AFP pic, April 25, 2023.
FIRST Republic Bank said yesterday it lost more than 40% of its deposits in the first quarter this year, but added that the situation has stabilised since late March. Its shares fell more than 20% in after-hours trading, following its first earnings report since the dramatic failures of Silicon Valley Bank and Signature Bank last month shone a spotlight on regional lenders and their vulnerabilities.
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