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First Republic Bank (NYSE: FRC) shares are trading higher during Wednesday’s session, up by 9.49% to $6.23, amid ongoing volatility for the stock. The company on Monday announced a decline in deposits and revenue for the first quarter and said it will reduce its workforce by 20-25%.
The company on Monday announced a decline in deposits and revenue for the first quarter and said it will reduce its workforce by 20-25%.
See Also: U.S. GDP Growth Falls Short Of Expectations In Q1: Markets React To Potential Fed Policy Shift
The company also on Monday also said it would not take questions on its conference call and withdrew all previous guidance.
With a number of headlines impacting the stock this week, among the most notable this week was FRC’s announcement of an unprecedented deposit outflow of $100 billion in the quarter, excluding $30 billion in time deposits obtained from major U.S. banks.
Additionally, the U.S. government is unwilling to inject additional capital into First Republic Bank, CNBC reported Wednesday, after the bank lost $100 billion in deposits during the first quarter.
According to data from Benzinga Pro, FRC has a 52-week high of $171.09 and a 52-week low of $4.76.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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