The Dow fell 300 points as First Republic's earnings caused widespread market concern.
The company lost $102B in customer deposits.
The Dow Jones Industrial Average fell 322 points or 1%.
- This drop is still lower than S&P 500, which dropped by 1.4%, while the Nasdaq Composite fell by 1.7%.
- First Republic Bank shares dropped more than 40% after posting its latest quarterly result.
- The company's Q1 deposits dropped 40% to $104.5B.
- In an attempt to improve its balance sheet, the company will reduce its headcount by 20% to 25% in Q2.
