Shares of First Republic Bank plummeted after first-quarter earnings showed massive deposit losses. Those declines accelerated to more than 40% Tuesday afternoon.
First Republic's first-quarter earnings showed
, sending the stock plummeting. Those declines accelerated to more than 44% Tuesday afternoon, after Bloomberg reported the company is weighing an asset sale of up to $100 billion.More than 700,000 contracts tied to the stock had traded with several hours remaining before the close, already the second-highest daily sum on record.
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First Republic stock tanks, UPS shares weaken while Spotify and GM shares gainThese are the most active stocks in U.S. premarket trade on Tuesday, as investors confront a wave of earnings reports.
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First Republic bank says deposits tumbled 40% to $104.5 billion in the first quarterThe lender said things have stabilized since last month's banking emergency, but it will still reduce headcount by 20% to 25% in the second quarter.
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First Republic Bank’s Financial Ratios Will Reveal Serious TroubleFirst Republic Bank is in trouble, and all market participants await today's earnings to learn the extent of the bank's challenges. the stock is down 87% since the regional banking turmoil began in March.
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First Republic Bank slashing up to a quarter of its workforceThe bank expects to cut its workforce by 20-25%, the embattled lender said Monday.
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First Republic Bank to slash up to a quarter of its workforce | CNN BusinessFirst Republic Bank expects to cut its workforce by 20-25% this quarter, the embattled lender said late Monday.
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First Republic Bank deposits fall by $72 billion, announces layoffsFirst Republic Bank's deposits fell by $72 billion in the first quarter, overshadowing market-beating profit and sending its shares down 15% in extended trading on Monday.
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