Shares of First Republic Bank plummeted more than 25% in early trading as the banking crisis continues to ripple through the financial system.
A customer uses an automatic teller machine at a First Republic Bank branch in New York, Jan. 12, 2023.Shares of First Republic Bank plummeted more than 25% in early trading on Tuesday as theThe regional lender, left in dire condition after the failure of Silicon Valley Bank last month, suffered a major loss of $102 billion in deposits over the first three months of 2023, anThe lost deposits made up more than half of the $176 billion retained by the bank at the end of last year.
On an earnings call with analysts, First Republic Bank CEO Michael Roffler acknowledged "unprecedented deposit outflows" in the middle of March, saying the bank faces "challenges and uncertainties." "Over the past seven weeks as we were impacted by industry events, our commitment to delivering exceptional client service has not wavered," he added.
The sharp decline of First Republic Bank shares comes more than a month after the nation's largest financial institutionsBank of America, Citi, JPMorgan Chase, Wells Fargo and Goldman Sachs were among a slew of big banks that participated in the effort. Over the week following Silicon Valley Bank's failure, small banks lost $108 billion in deposits, Federal Reserve
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