Shares of
First Republic Bank
advanced Wednesday after plunging to a record low following its results.
First Republic (ticker: FRC) was up 3% at $8.34 in premarket trading after dropping 49% Tuesday. The lender had said that its deposits declined more than 40% in the first quarter and revealed plans to cut as much as 25% of its workforce. The bank is also looking to sell $50 billion to $100 billion in assets to shrink its balance sheet, Bloomberg reported. First Republic was contacted for a comment.
Source: https://www.barrons.com/articles/first-republic-stock-7106ea8a?siteid=yhoof2&yptr=yahoo