First Republic Bank faces challenges as Bitcoin soars and layoffs loom.
TL;DR Summary
Shares of First Republic Bank fell 2% in premarket trading after plunging 49% on Tuesday due to a decline of more than 40% in deposits in Q1 and plans to cut up to 25% of its workforce. The bank is also looking to sell $50 billion to $100 billion in assets to shrink its balance sheet. Meanwhile, PacWest and other regional banks rose on deposit inflows.
- First Republic Stock Falls Again, Other Regional Banks Rise Barron's
- First Republic Bank's deposit outflows were worse than expected, says Wells Fargo's Jared Shaw CNBC Television
- Bitcoin Soars Above $29,000 M2 Supply Drops to 90-Year Low Bitcoinist
- First Republic Bank plans for massive layoffs KTVU FOX 2 San Francisco
- Bankers’ pitch to save First Republic: Help us now, or pay more later when it fails CNBC
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