Amid Deeper Deposit Outflows, First Republic Bank To Cut Up Workforce

First Republic Bank to slash its staff by 25 percent, a reflection of the wider effects of March's Silicon Valley Bank Crisis in the United States. 

First Republic Bank shares fell more than 20% on Monday after the lender announced that deposits had fallen by more than 100 billion dollars in the first quarter. 

Bloomberg reported that the customer deposits fell by an astounding 41 percent to $104.5 billion in the first three months, missing their $137 billion goal. 

The regional bank reported EPS of $1.23 on revenue of $1.20 billion, that compared with estimates for $0.97 and $1.22 respectively.

CEO Mike Roffler said "We're taking steps to meaningfully reduce our expenses to align with our focus on reducing the size of the balance sheet" 

After the collapse of Silicon Valley Bank, the crisis put a spotlight on banks sitting on large piles of unrealised and often unreported losses on their balance sheets 

Net interest income fell 19.4% to $923M in Q1 year on year.