ON THE ROPES

First Republic Bank’s Stock Tanks After Losing $102 Billion in Customer Deposits

The bank’s stock is now down about 90 percent from early March.

First Republic Bank shares plummeted 27 percent in early trading Tuesday morning after it disclosed Monday that it lost a staggering $102 billion in customer deposits. Confidence in the bank began to evaporate after customers pulled billions in deposits from Silicon Valley Bank and Signature Bank last month, causing First Republic to suffer a similar fate. It was unclear until Monday just how much First Republic had lost from bleeding deposits, and the bombshell was delivered in a conference call in which execs spoke for just 12 minutes and took no questions. Traders took note Tuesday morning: the bank’s stock is now down about 90 percent from early March. Last month, 11 of Wall Street’s biggest banks including JPMorgan Chase, Bank of America and Wells Fargo deposited a combined $30 billion lifeline into First Republic in what they hoped would be seen as “a vote of confidence for First Republic and the entire U.S. banking system.”