First Republic Lost $100 Billion in Last Month’s Banking Panic

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 24 April 2023

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for April 24. The bank says it would cut head count by as much as 25% and slash executive pay as it restructures its balance sheet. Plus, the world is spending more on defense. Reporter Alistair MacDonald has the details. And the commercial real-estate market is in a downturn. Reporter Konrad Putzier explains what is different this time around. Annmarie Fertoli hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:26.2	The history of public lost $100 billion in deposits in last month's banking panic.
0:31.2	Plus, the world is spending more on defense.
0:34.6	And where the commercial real estate market is headed.
0:37.1	The real estate sector is incredibly cyclical.
0:39.6	But this time is really different than what we've seen really in the last 50 years.
0:44.0	It's Monday, April 24.
0:45.6	I'm Ann Marie for Toley for the Wall Street Journal.
0:48.2	This is the PM edition of What's News, the top headlines and business stories that moved
0:52.4	the world today.
0:56.2	Customers pulled more than $100 billion in deposits out of first Republic bank last month
1:08.3	when a pair of bank failures shook Americans' faith in regional lenders.
1:12.2	The bank's first quarter earnings report released after the bill today detailed its precarious
1:16.3	financial situation following the massive withdrawals.
1:19.5	The bank said it would reduce its headcount by 20 to 25 percent and slash executive pay.
1:24.9	It also said that withdrawals have stabilized this month and that it would seek to bring
1:28.6	in more deposits.
1:31.0	There have been three high profile exits from top media companies in the past 24 hours.
	...

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