First Republic Bank to lay off 25% of staff

First Republic Bank is planning a staff layoff of 25 percent, following the recent turmoil in the banking sector, which has affected the San Francisco based bank, the bank announced on Monday.

The decision comes during the bank’s plans to cut expenses, which includes a cut in workforce, as well as a compensation cut for executive officers and reducing office spaces and non-essential projects.

Recent uncertainties in the banking industry resulted in a large cash outflow, the collapse of Silicon Valley Bank caused many customers to worry, and First Republic Bank’s deposits were down $173.5 billion by March.