First Republic stock craters 21% after the bank reveals customers pulled out $100 billion of deposits last quarter
Without that lifeline, First Republic's deposit outflows would have totaled $102 billion – which equates to around 41% of the customer deposits it held prior to the first quarter, according to Deutsche Bank.
The bank plans to weather the outflows by implementing cost cuts. It intends to slash executives' pay, give up some office space, and lay off between 20% and 25% of its employees. "We're taking steps to meaningfully reduce our expenses to align with our focus on reducing the size of the balance sheet," CEO Mike Roffler said in a post-earnings briefing.Silicon Valley Bank's sudden collapse"With the closure of several banks in March, we experienced unprecedented deposit outflows," the San Francisco-based bank's CFO Neal Holland said after Monday's earnings release.
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