First Republic Bank, headquartered in San Francisco, announced plans to layoff up to 25% of its staff.
The layoffs come after the bank also announced that its depositors pulled out nearly $100 billion in recent months, leading many to speculate the bank could be the third major bank to collapse this year., announced plans to layoff up to 25% of its staff. The layoffs come after the bank also announced that its depositors pulled out nearly $100 billion in recent months, leading many to speculate the bank could be the third major bank to collapse this year.
NEW YORK, NEW YORK - APRIL 24: A person walks past a First Republic bank branch in Manhattan on April 24, 2023 in New York City. The U.S. bank will reveal its latest financial results but concerns over small and medium-sized banks persist following tHowever, Wilcox did warn that some small businesses that have deposits over $250,000 should consider diversifying their accounts or banking with larger banks.
"I think that depositors that have large deposits, and a lot of small businesses have deposit amounts that are considerably larger than the deposit ceiling, they do reasonably move to these larger banks on the argument that they will be safer there," he said. This comes after Silicon Valley Bank collapsed on March 10 and Signature Bank, based in New York, collapsed on March 12. First Republic shares dropped 27% on Tuesday morning, leaving one analyst to warn that the bank "needs to pull off the mother of all pivots to survive," the
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