The bank expects to cut its workforce by 20-25%, the embattled lender said Monday.
First Republic Bank expects to cut its workforce by 20-25%, the embattled lender said late Monday.
The layoff announcement comes as First Republic reported first-quarter earnings, just weeks after a consortium of banksThe bank reported earnings per share of $1.23, coming in higher than analysts’ expectations of $0.85 per share, according to Refinitiv data. San Francisco-based First Republic reported that year-over-year revenues were down 13.4%. Net interest income, the money a bank makes from charging interest on the loans they give out minus the interest they have to pay to depositors and other lenders, was down 19.4%.First Republic has seen its share price plummet nearly 90% since March 1.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Republic Bank’s Financial Ratios Will Reveal Serious TroubleFirst Republic Bank is in trouble, and all market participants await today's earnings to learn the extent of the bank's challenges. the stock is down 87% since the regional banking turmoil began in March.
Read more »
First Republic beats profit target but stock drops as deposits fall by 36%First Republic Bank stock fell 7% in after-hours trades on Monday, despite stronger-than-expected first-quarter profit from the bank, as its deposits fell by...
Read more »
Stocks making the biggest moves midday: Fox, Albemarle, First Republic and moreFox's Class A and B shares were each down almost 4% on news that host Tucker Carlson has left the network, days after Fox News settled its defamation lawsuit.
Read more »
First Republic says deposits tumbled 40% to $104.5 billion in 1Q, but have stabilized sinceThe deposit flight for the regional bank was worse than Wall Street expected.
Read more »
Social media raises bank run risk, fueled Silicon Valley Bank’s collapse, paper saysA new academic paper examines the risk of social media on 'distress in banks' and how Twitter conversations amplified the bank run risk ahead of SVB's collapse.
Read more »