First Republic Bank faces an uphill challenge to regrow its business after losing more than half of its deposits, analysts said on Tuesday, as shares sank 29% in early trade to hit a record low following its first-quarter earnings.
First Republic Bank faces an uphill challenge to regrow its business after losing more than half of its deposits, analysts said on Tuesday, as shares sank 20% in premarket trading after the bank reported its first-quarter earnings.
UBS said on Tuesday it had set aside more money to draw a line under its involvement in toxic U.S. mortgages, halving its first-quarter profit as the bank girds itself for the “hard” task of swallowing fallen rival Credit Suisse .
Corporates’ access to capital deteriorated after turmoil in the banks sector in March while cash flow and earnings are under increasing pressure from potential recession, asset manager Janus Henderson Investors said in a report on Tuesday.
Banco Santander Brasil SA on Tuesday reported a first quarter net profit of 2.14 billion reais ($425.09 million), down 46.6% from a year earlier but still above analysts’ forecasts of 1.83 billion in a Refinitiv poll.
The chairman of NatWest Howard Davies, one of the most storied figures in UK finance, said on Tuesday he would leave the British bank by next year, paving the way for a leadership revamp at the lender still around 40% owned by the UK taxpayer.
First Republic Bank shares sank more than 20% after the closing bell on Monday as it said deposits plunged by more than $100 billion in the first quarter and it was exploring options such as restructuring its balance sheet.
Funds managed by German insurer Allianz failed to back the Italian bank’s new remuneration policy and pay packages awarded in 2022 at last month’s general meeting, a document showed.
Jupiter Fund Management said on Tuesday it saw net outflows of 900 million pounds ($1.1 billion) in the first quarter, a sharp reversal from fourth quarter net inflows.
