2023-04-25 21:13:49
The actions of the First Republic Bank, one of the most affected by the recent banking crisis, sank this Tuesday in Wall Street.
This, after the US entity made known the huge loss of deposits it suffered and detail your difficult financial situation.
Five minutes after the opening of the New York Stock Exchange, First Republic titles plummeted just over 27% and they were around 90% below the level they were before March.
This, when the First Republic found itself swept up in the turmoil unleashed by the collapse of the Silicon Valley Bank (SVB).
The bank, which was rescued by other entities with a joint injection of 30,000 million dollars presented its quarterly accounts yesterday, after the stock market closes.
Drastic fall of the First Republic Bank
The results showed the harsh impact suffered by that bank panic, which led him to lose more than 40% of the money he had deposited, until he was left at 104.5 billion dollars.
This figure also includes 30,000 million dollars provided by the big US banks, without which the fall would have been even greater, of close to 100,000 million dollars in total.
The First Republic also suffered a sharp drop in its billing and profits.
Thus, the entity announced on Monday a savings plan that will include a cut of between 20% and 25% of its workforce.
To this are added cuts in the compensation of its executives, less office space and a reduction in non-essential projects.
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