Customers pulled more than $100bn of deposits from First Republic last month amid wider turmoil in the banking industry, the California-based lender revealed on Monday, sending its shares down by as much 20 per cent.
Deposits held by First Republic fell by $72bn during the first quarter, a decline of 40 per cent, although that included a financial lifeline from large US lenders that parked $30bn in its accounts in an attempt to shore up confidence in the ailing bank.
The lender said…
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