Confidence in the bank began to evaporate after customers pulled billions in deposits from Silicon Valley Bank and Signature Bank last month, causing First Republic to suffer a similar fate.
First Republic Bank shares plummeted 27 percent in early trading Tuesday morning after it disclosed Monday that it.
It was unclear until Monday just how much First Republic had lost from bleeding deposits, and the bombshell was delivered in a conference call in which execs spoke for just 12 minutes and took no questions. Traders took note Tuesday morning: the bank’s stock is now down about 90 percent from early March.
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First Republic bank says deposits tumbled 40% to $104.5 billion in the first quarterThe lender said things have stabilized since last month's banking emergency, but it will still reduce headcount by 20% to 25% in the second quarter.
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First Republic's $100 bln deposit flight jolts investors, gloom drags regional banksFirst Republic Bank faces an uphill challenge to regrow its business after losing more than half of its deposits, analysts said on Tuesday, as shares sank 29% in early trade to hit a record low following its first-quarter earnings.
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First Republic Bank Stock Price Today | NYSE FRC Live Ticker - Investing.comView today's First Republic Bank stock price and latest FRC news and analysis. Create real-time notifications to follow any changes in the live stock price.
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First Republic stock plunges after $100 billion bank run in Q1First Republic stock craters 21% after the bank reveals customers pulled out $100 billion of deposits last quarter
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First Republic Bank’s Financial Ratios Will Reveal Serious TroubleFirst Republic Bank is in trouble, and all market participants await today's earnings to learn the extent of the bank's challenges. the stock is down 87% since the regional banking turmoil began in March.
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First Republic Bank slashing up to a quarter of its workforceThe bank expects to cut its workforce by 20-25%, the embattled lender said Monday.
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