The bank expects to cut its workforce by 20-25%, the embattled lender said Monday.
First Republic Bank expects to cut its workforce by 20-25%, the embattled lender said late Monday.
The layoff announcement comes as First Republic reported first-quarter earnings, just weeks after a consortium of banksThe bank reported earnings per share of $1.23, coming in higher than analysts’ expectations of $0.85 per share, according to Refinitiv data. San Francisco-based First Republic reported that year-over-year revenues were down 13.4%. Net interest income, the money a bank makes from charging interest on the loans they give out minus the interest they have to pay to depositors and other lenders, was down 19.4%.First Republic has seen its share price plummet nearly 90% since March 1.
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