First Republic Bank faces an uphill challenge to regrow its business after losing more than half of its deposits, analysts said on Tuesday, as shares sank 20% in premarket trading after the bank reported its first-quarter earnings.
A trader works at the post where First Republic Bank stock is traded on the floor of the New York Stock Exchange in New York City, U.S., March 16, 2023. REUTERS/Brendan McDermidfaces an uphill challenge to regrow its business after losing more than half of its deposits, analysts said on Tuesday, as shares sank 20% in premarket trading after the bank reported its first-quarter earnings.in deposits in the quarter in the aftermath of the biggest crisis to hit the banking sector since 2008.
Analysts at Wells Fargo said the reported deposit outflows were much worse than Wall Street estimates and at a "level that could prove very hard to come back from." First Republic's ticker is also among the most active on retail investor-focused Stocktwits.com on Tuesday morning.Deposit flight has been at the
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