First Republic Bank announced “unprecedented deposit outflows” in the quarter ended March 31, with the news sending the company’s stock crashing by over 20 percent. For the quarter ended March 31, 2023, First Republic deposits have declined by 40.8 percent since Dec. 31, 2022, according to an April 24 press release (pdf) by the bank….
Barclays Warns of ‘Second Wave’ of Deposit Outflows as ‘Sleepy’ Depositors Awake and Run for Exits
March 31, 2023
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After a month of uncertainty, Barclays warned that a “second wave” of deposit outflows is increasingly likely, a sign that the latest banking crisis is far from over. The collapse of Silicon Valley Bank (SVB) and Signature Bank forced federal regulators to rush to backstop the banking system, which calmed market fears in the short…
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