First Republic Bank faces record low shares and deposit outflows.

First Republic Bank's shares have hit a record low after depositors withdrew more than $100bn, causing concerns about the future of the San Francisco-based lender. The bank's deposits fell by $72bn in the first quarter, accounting for a $30bn rescue package announced last month by a consortium of 11 banks. The collapse of Silicon Valley Bank and Signature Bank last month drove fears of contagion across the banking sector, and investors have been closely watching the financial health of regional lenders such as First Republic since. The bank is considering "strategic options" to strengthen its position, including selling off unprofitable assets and laying off up to a quarter of its workforce.