The daily business briefing: April 25, 2023

First Republic lost $100 billion in deposits during panic, Bed Bath & Beyond shares dive after bankruptcy filing, and more

A Bed Bath & Beyond storefront
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1. First Republic lost $100 billion in deposits

First Republic Bank reported Monday that customers took out $100 billion in deposits last month after two regional bank failures raised questions about the financial health of the industry. The bank said deposits fell more than 40 percent to $104.5 billion at the end of the first quarter. When the quarter started, deposits totaled $176.4 billion. The end of the quarter would have been gloomier, but First Republic received $30 billion in deposits from banking giants, including JPMorgan Chase & Co., to signal confidence. First Republic said its profit fell 33 percent in the quarter compared to the same period a year earlier. Revenue fell 13 percent. The bank's shares have fallen nearly 90 percent since March, The Wall Street Journal reported.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.