The Federal Deposit Insurance Corporation is set to seize control of First Republic Bank, according to multiple reports.
First Republic's stock price, which topped $200 as recently as 2021, plunged 43% on Friday and continued to sink in after-hours trading. The shares have fallen 97% this year. withdrew more than $100 billion
during last month's crisis, raising concerns about First Republic's stability. The fund outflows were"unprecedented," bank executives said on an earnings call Monday. As with Silicon Valley, a significant share of First Republic's deposits were uninsured, which makes it more prone to withdrawals from skittish customers. roughly $233 billion in assets under management as of March 31, said it now plans to sell off assets and restructure its balance sheet, as well as lay off as much as a quarter of its workforce, which totaled about 7,200 employees at the end of 2022.
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