$First Republic Bank(FRC.US)$'

2023-04-25

$First Republic Bank(FRC.US)$'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

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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