First Republic shares fell 49.4% yesterday (25 April) on news customers had pulled more than $100bn in deposits from the bank, pushing the share price decline to 93% year-to-date.
As revealed in the bank's quarterly earnings report on Monday (24 April), deposits fell 35.5% to $104.5bn at 31 March 2023 from $176.4bn on 31 December 2022. However, the March figure included the $30bn of time deposits added by 11 major US banks during the SVB-induced panic, resulting in customer withdrawals of $101.9bn. First Republic sits on shaky ground following $30bn bailout Added to this, Bloomberg reported the bank was exploring asset sales of between $50bn to $100bn in an attempt to reduce the mismatch between its assets and liabilities. The move was reportedly being ma...
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