First Republic Bank expects to cut its workforce by 20-25%, the embattled lender said late Monday. The layoff announcement comes as First Republic reported first-quarter earnings, just weeks after a consortium of banks stepped in with $30 billion to prevent the regional lender from failing. The bank reported earnings per share of $1.23, coming in higher than analysts’ expectations of $0.85 per share, according to Refinitiv data. San Francisco-based First Republic reported that year-over-year revenues were down 13.4%. The drop comes as investors scrutinize lenders with a high amount of uninsured depositors — a response to the collapse of Silicon Valley Bank and Signature Bank last month.

Source: CNN April 24, 2023 20:29 UTC