First Republic is a Zombie Bank
The Breakdown
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First Republic Bank's Quarterly Results Show That It's Under Stress
First Republic was one of the banks subjected to a severe bank run in mid-March. First Republic's quarterly results show that the banks deposits had plunged by 41% around $100 billion before accounting for the liquidity lifeline. The bank added that it had cut as much as a quarter of its workforce, reduced outstanding loan balances, and curbed other non-essential activities.
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