First Republic Bank shares dive on 40% drop in deposits
First Republic Bank lost over 40% of its deposits in Q1 2023, but the situation stabilized since late March.
The bank’s shares fell more than 20% in after-hours trading following its first earnings report since Silicon Valley Bank and Signature Bank’s failures last month, which led to emergency measures to fortify the industry.
First Republic announced cost-cutting measures, including a 20% to 25% workforce reduction, the condensing of corporate office space, and significant cuts in executive compensation.