First Republic says deposits tumbled 40% to $104.5 billion in 1Q, but have stabilized since
Publishing timestamp: 2023-04-24 18:11:43
Summary
First Republic saw a 40.8% drop in deposits during the first quarter, worse than expected, but deposit flows have since stabilized. The bank is cutting expenses and pursuing strategic options to reinforce its capital position. Despite outflows, the bank has maintained over 97% of client relationships. Shares dropped in extended trading despite beating Wall Street estimates on earnings and revenue.
Sentiment: MIXED
Tickers: FRC,
Keywords: banks, breaking news: markets, first republic bank, business news,