San Francisco-based First Republic Bank plunged at the opening bell, an ongoing rout that has erased more than 50% of its value just this week on concerns about the bank's financial health in the wake of two other bank collapses.
SAN FRANCISCO -- First Republic Bank plunged at the opening bell Wednesday, an ongoing rout that has erased more than 50% of its value just this week on concerns about the bank's financial health in the wake of two other bank collapses.
The San Francisco bank plans to sell off unprofitable assets, including low interest mortgages it provided to wealthy clients. It also has plans to lay off up to a quarter of its workforce, which totaled about 7,200 employees at the end of last year. "The high cost of its borrowings relative to its earning assets puts it under-water and likely generates losses until it can right-size the balance sheet," he wrote.
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