This week's drop for First Republic comes after the San Francisco-based lender said it lost roughly 40% of its deposits in the first quarter.
This week's drop for First Republic comes after the San Francisco-based lender late Monday said it lostin the first quarter. First Republic was seen by customers and investors alike as a risky bank after the collapse last month of Silicon Valley Bank, which had a similar financial profile.
First Republic also said in its quarterly report Monday that it was reviewing strategic options to help reshape its balance sheet. The steep decline in deposits came despite a group of 11 larger banks infusing $30 billion of deposits into First Republic in an attempt to instill confidence and prevent bank runs from spreading.
If First Republic is successful in selling off some of its assets, it will then look to raise equity, according to sources, which would dilute current shareholders.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
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.
Leer más »
First Republic will cut up to 25% of staff after bank runSan Francisco-based First Republic Bank will cut up to 25% of staff and shift its strategy, the bank announced, after customers withdrew $102 billion in March's banking chaos.
Leer más »
What First Republic's results mean for the regional bank trade, according to Wall StreetFirst Republic saw a larger deposit decline than many of its rivals during the first quarter.
Leer más »
First Republic shares slide as Q1 report reveals 40% dip in deposits after banking crisisFirst Republic Bank released its first-quarter financial results, which revealed a 40% decline in deposits compared to the end of 2022 in the wake of the recent banking crisis.
Leer más »
Treasury yields lower after First Republic stock-price slide10-year Treasury yields slipped to a seven-session low after news on Monday renewed concerns about an economic slowdown and stresses in the banking sector.
Leer más »
First Republic shares slide after 40% dip in deposits tied to banking crisisFirst Republic Bank released its first-quarter financial results, which revealed a 40% decline in deposits compared to the end of 2022 in the wake of the recent banking crisis.
Leer más »