First Republic Bank Deposits Plunge as Crisis Widens, Forcing Layoffs, Bigger Losses

First Republic Bank lost more than $100 billion in deposits in the first quarter of 2023, according to its latest earnings report.
The bank received emergency funding from larger rivals but still plans to cut up to 25% of its workforce.
First Republic's stock has crashed more than 90% as the collapse of Silicon Valley Bank and Signature Bank spooked customers and investors.
The lender is contemplating asset sales and other strategic options to shore up its balance sheet.
Regulators are weighing whether to tighten oversight of First Republic, potentially limiting its access to Federal Reserve lending facilities.