*FIRST REPUBLIC BANK LOST OVER $100 BILLION IN CUSTOMER DEPOSITS IN Q1 FOLLOWING SILICON VALLEY BANK'S COLLAPSE $FRC
-First 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.
The bank plans to slash expenses by cutting executive compensation, paring back office space, and laying off nearly 20% to 25% of employees in the second quarter, it said Monday. "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 call, which ran for less than 15 minutes and ended without executives taking questions from analysts.) collapsed last month, shaking the confidence in U.S. regional banks and prompting customers to move billions of dollars to bigger institutions.
Malaysia Latest News, Malaysia 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 »
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 »
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.
Read more »
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.
Read more »
First Republic Bank to slash up to a quarter of its workforce | CNN BusinessFirst Republic Bank expects to cut its workforce by 20-25% this quarter, the embattled lender said late Monday.
Read more »
First Republic Bank deposits fall by $72 billion, announces layoffsFirst Republic Bank's deposits fell by $72 billion in the first quarter, overshadowing market-beating profit and sending its shares down 15% in extended trading on Monday.
Read more »