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Home»Business»Major Bank’s Stock Tumbles Over 40% After Disastrous Earnings Report
Business

Major Bank’s Stock Tumbles Over 40% After Disastrous Earnings Report

April 25, 2023No Comments2 Mins Read
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Troubled First Republic Bank Reports First Quarter Earnings
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First Republic Bank’s stock price fell over 40% as of early afternoon Tuesday following a Monday earnings report which showed massive deposit outflows.

The regional bank lost $102 billion of its deposits following sector turmoil in March, bringing its total deposits to $104.5 billion at the end of the first quarter of 2023, according to its earnings report. This deposit total would be significantly smaller if not for the $30 billion infusion from the largest financial institutions, including JPMorgan Chase, to save First Republic from failure.

The bank suffered from significant deposit outflows following the failure of Silicon Valley Bank and Signature Bank during March, which prompted a banking crisis that spread to other institutions.

First Republic’s quarterly profit declined one-third to $269 million from $401 million the previous year, while revenue fell 13% to $1.2 billion, according to the report.  (RELATED: Big Banks Raking In Billions Following Federal Bailouts As Smaller Banks Suffer)

NEW YORK, NEW YORK – APRIL 24: A sign for a First Republic bank branch is seen in Manhattan on April 24, 2023 in New York City. The U.S. bank will reveal its latest financial results but concerns over small and medium-sized banks persist following the collapse of Silicon Valley Bank (SVB) in March. (Photo by Spencer Platt/Getty Images)

The bank is “working to restructure our balance sheet and reduce our expenses and short-term borrowings,” finance chief Neal Holland said in a statement in the report. One cost-cutting measure will be laying off 20-25% of employees and cutting executive salaries, the bank said in an earnings call on Monday.

See also  Red State Taxpayers Are At Risk Of Being Latest Victims Of Electric Vehicle Gambles

First Republic is discussing crafting a strategy to save itself with financial advisers and government officials that might include the sale of the bank or portions of it, or raising additional capital, according to The New York Times. The stock had risen over 10% before the report was released, though its share price has fallen over 85% since March.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

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