First Republic stock craters 21% after the bank reveals customers pulled out $100 billion of deposits last quarter
Without that lifeline, First Republic's deposit outflows would have totaled $102 billion – which equates to around 41% of the customer deposits it held prior to the first quarter, according to Deutsche Bank.
The bank plans to weather the outflows by implementing cost cuts. It intends to slash executives' pay, give up some office space, and lay off between 20% and 25% of its employees. "We're taking steps to meaningfully reduce our expenses to align with our focus on reducing the size of the balance sheet," CEO Mike Roffler said in a post-earnings briefing.Silicon Valley Bank's sudden collapse"With the closure of several banks in March, we experienced unprecedented deposit outflows," the San Francisco-based bank's CFO Neal Holland said after Monday's earnings release.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Republic Lost $100 Billion in Deposits in Banking PanicBreaking: First Republic said it lost more than $100 billion in customer deposits following Silicon Valley Bank’s collapse. Shares fell more than 20% after hours.
Read more »
First Republic Bank deposits tumble more than $100 billion as it explores options By Reuters*FIRST REPUBLIC BANK LOST OVER $100 BILLION IN CUSTOMER DEPOSITS IN Q1 FOLLOWING SILICON VALLEY BANK'S COLLAPSE $FRC
Read more »
First Republic clients pulled $100 billion in deposits during banking panicCustomers of First Republic Bank pulled more than $100 billion in deposits out of the bank during last month's crisis, as fears swirled that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Read more »
First Republic Bank deposits tumble more than $100 bln as it explores optionsFirst Republic Bank shares sank more than 20% after the closing bell on Monday after the lender said deposits plunged by more than $100 billion in the first quarter and it was exploring options such as restructuring its balance sheet.
Read more »
First Republic Bank deposits tumble more than $100 billion as it explores optionsFirst Republic Bank shares sank more than 20% after the closing bell on Monday as it said deposits plunged by more than $100 billion in the first quarter and it was exploring options such as restructuring its balance sheet.
Read more »
James Avery's first-ever Fiesta medal now selling for more than $100 on eBayJames Avery recently released its first-ever Fiesta medal as a giveaway to the first 100 customers at its various locations, and the medal is now one of Fiesta's most expensive and sought-after pin-ons.
Read more »