First Republic just revealed how SVB's failure rattled its business - and shared plans that may fuel fears of a credit crunch

Tue, 04/25/2023 - 08:13

office space bobs — First Republic's bosses expect to lay off 20% to 25% of the bank's employees this quarter.
YouTube / Office Space

First Republic's first-quarter report and earnings call revealed the impact of SVB's failure.
The bank's deposits plummeted, spurring it to borrow more than $100 billion at one point.
First Republic plans to cut back on lending, which may fuel fears of a wider credit crunch.

First Republic's financial report and earnings call on Monday revealed the brutal impact of the banking fiasco on the lender, and management's plan to prevent the company from collapsing like Silicon Valley Bank.