First Republic Bank faces massive deposit losses and stock decline.

First Republic Bank's stock plummeted more than 25% as the bank reported a major loss of $102 billion in deposits over the first three months of 2023, making up more than half of the $176 billion retained by the bank at the end of last year. The bank's profit fell 33% to $269 million over the three months ending in March when compared with the same period last year, and revenue dropped 13% to $1.2 billion over the first three months of 2023. The bank's CEO acknowledged "unprecedented deposit outflows" and "challenges and uncertainties."