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 withdrawals had stabilised this month but that deposits continued to fall slightly. The run on its accounts was significantly worse than that at rival banks, most of which reported single-digit declines in deposits during the first quarter.
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