$First Republic Bank(FRC.US)$'s stock fell 22% in after-hours trading on Monday despite stronger-than-expected first-quarter profit from the bank, as deposits disappeared amid concerns about regional banks.
FRC First Republic Bank
Post Market
04/24
19:05
ET
16.000
+12.20%
Post
12.450
-22.19%
San Francisco-based lender First Republic (FRC)said that deposits fell 41% in the quarter, though withdrawals have stabilized in April. Executives plan to reduce the bank's workforce by 20% to 25% in the current quarter. Based on the bank's 7,213 full-time employees as of Dec. 31, as disclosed in its annual report, the layoffs could affect up to 1,800 people.
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