Business

Another regional bank in America teetered on the brink of collapse. First Republic, based in San Francisco, said it was “pursuing strategic options” after revealing that customers withdrew some $100bn in deposits amid the turmoil surrounding the failure of Silicon Valley Bank. Although outflows stabilised in April, First Republic is reducing its workforce by up to 25% to cut costs. The bank’s already enfeebled share price fell by 50% in a day.