The decline comes after the bank's first quarter earnings report, which showed that First Republic's deposits shrank by 40.8% during the quarter.
A First Republic Bank branch is pictured in Midtown Manhattan in New York City, March 13, 2023.fell sharply and hit a record low Tuesday, as investors questioned how the bank would stabilize itself after losing about 40% of its deposits during the first quarter.
First Republic's stock fell more than 40% on Tuesday, extending its year-to-date losses beyond 90%. It hit a record intraday low at $8.27 per share.The decline comes after the bank's first-quarter , which showed that First Republic's deposits shrank by 40.8% during the quarter as customers pulled out their money following the collapse of Silicon Valley Bank.that were meant to stabilize the broader financial system. Excluding those funds, First Republic's net outflows would have topped $100 billion.
The bank said in its press release that it was "pursuing strategic options" to reshape its balance sheet after the massive deposit flight. CNBC's David Faber reported Tuesday that the next few days are crucial for First Republic's future as other banks and federal officials looking for solutions to stabilize the regional bank.
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