Bitcoin has rallied following fresh concerns that the banking crisis may not be over yet, with the share price of First Republic Bank tumbling more than 50% after it revealed a $100 billion shortfall of deposits.
in its first quarter earnings call that total deposits had plummeted more than $100 billion and it would be “pursuing strategic options” to strengthen its financial standing as quickly as possible.
While the bank is yet to clarify exactly what these strategic options are, the earnings report highlighted that the embattled firm plans to downsize its balance sheet and cut expenses by slashing executive salaries, slimming down on office leases and laying off an expected 20% to 25% of its employees in Q2.
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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.
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First Republic Bank Stock Price Today | NYSE FRC Live Ticker - Investing.comView today's First Republic Bank stock price and latest FRC news and analysis. Create real-time notifications to follow any changes in the live stock price.
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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.
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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.
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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.
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First Republic Bank deposits tumble more than $100 billion as it explores options By Reuters*FIRST REPUBLIC BANK LOST OVER $100 BILLION IN CUSTOMER DEPOSITS IN Q1 FOLLOWING SILICON VALLEY BANK'S COLLAPSE $FRC
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