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		</div><p>First Republic Bank’s stock has plunged at the opening bell in the US after it said depositors withdrew more than 100 billion dollars (about £80.7 billion) during last month’s crisis.</p>
<p>It has sparked fears it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.</p>
<p>The San Francisco bank said late on Monday it was only able to staunch the bleeding after a group of large banks stepped in to save it by depositing 30 billion dollars (£24.2 billion) in uninsured deposits.</p>
<p>It said it now plans to sell off assets and restructure its balance sheet and lay off as much as a quarter of its workforce, which totalled about 7,200 employees at the end of 2022.</p>
<p>“With still a large level of uncertainty in outcomes and expected losses beyond the next year, we recommend investors sell shares as the outlook appears largely unclear,” Citi analyst Arren Cyganovich said in a note to clients.</p>
<p>Shares tumbled more than 28% when markets opened in the US.</p>
<p>Other regional banks were under pressure in what looks like a down day for markets, but the losses were modest early on.</p>
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