Embattled First Republic bank says it will slash jobs as it explores strategic options

Mon, 04/24/2023 - 17:28

A man rides a bicycle past the First Republic Bank branch in Santa Monica, California. — A man rides a bicycle past the First Republic Bank branch in Santa Monica, California on March 20, 2023.
PATRICK T. FALLON/AFP via Getty Images

First Republic Bank said deposits fell 41% to $104.5 billion in the first three months of 2023.
In response, it's taking steps to shore up its balance sheet, including cutting jobs and exec pay.
It's also exploring its strategic options, which is industry jargon for a sale or spinoff.

First Republic Bank is not out of the woods yet.

The San Francisco-based bank's stock plummeted in after-hours trading Monday after it said deposits plunged by more than $100 billion in the first three months of the year.