First Republic shares are under pressure today after announcing a larger than expected decline in deposits ($100 billion). Shares are down $-5.14 or -32.13% at $10.86. There is a report out saying that they're weighing up to $100 billion in assets sales now.
Recall , a rescue deal was engineered, with 11 banks placing $30B in deposits in First Republic, stabilizing its deposit base. The bank plans to cut 20-25% of its workforce in Q2 and withdraw its financial guidance going forward.
Banking concerns are back in the headlines. The news today is not going to encourage depositors to keep funds at the bank. Something has to be done.
Below is the fall from grace for the banks stock. The high reached $222.86 in November 2021.
First Republic shares have tumbled to a new all-time low