During the last seven weeks, dozens of former First Republic advisors have fled the financial institution, touchdown at such locations as RBC, Morgan Stanley, UBS, JPMorgan and Rockefeller, in response to WealthManagement.com and printed reviews. However these departing groups accounted for lower than 20% of whole wealth administration belongings as of March 31, mentioned First Republic Financial institution CEO and President Mike Roffler, in the course of the financial institution’s first quarter incomes name on Monday.

Additional, he mentioned the financial institution expects to retain a portion of the belongings related to departing groups.

First Republic says it has retained almost 90% of its advisors, as of April 21.

“It is a testomony to the terrific wealth administration franchise our proficient groups have constructed through the years,” Roffler mentioned. “We stay absolutely dedicated to our built-in banking and wealth administration mannequin and the distinctive advantages it supplies to shoppers.”

On Monday’s shortened earnings name, Roffler learn an announcement for about 10 minutes, however didn’t take questions from analysts.

“Over the previous seven weeks, as we have been impacted by business occasions, our dedication to delivering distinctive shopper providers has not wavered. We proceed to satisfy our shoppers’ banking and wealth administration wants, as we all the time have.”

The agency’s ended the primary quarter with $289.5 billion in wealth administration belongings, up 6.7% from the prior quarter. That included $11 billion in web shopper inflows. Wealth administration charges have been $223 million in the course of the quarter, up 6.7% from the fourth quarter. Revenues from the wealth administration division represented 18.5% of the financial institution’s whole revenues.

On the decision, Roffler mentioned the financial institution continues to take steps to strengthen the enterprise, together with specializing in insured deposits from new prospects, offering off-balance sheet liquidity options to current shoppers and decreasing the dimensions of its workforce by 20-25% within the second quarter.

“Along with the actions I’ve outlined, we’re pursuing strategic choices to expedite our progress whereas reinforcing our capital place,” he mentioned.

Common account sizes on the financial institution have decreased, nevertheless it has retained over 97% of shopper relationships that banked with First Republic initially of the yr. And whereas the financial institution skilled “unprecedented deposit outflows” in the course of March, deposits stabilized the week of March 27, and have remained steady since then, Roffler added.

As of March 31, the financial institution’s insured deposits have been $54.6 billion, or 73% of whole deposits. That excludes the $30 billion in deposits it acquired from the massive banks. Uninsured deposits have been $19.8 billion, or 27% of whole deposits. As of April 21, whole deposits have been $102.7 billion, together with the $30 billion, down 1.7% from the tip of the primary quarter.

“This slight decline from March 31 displays seasonal shopper tax funds that happen every April,” Roffler mentioned.

First Republic has seen a variety of high-profile advisor groups bounce ship in current weeks. Within the newest transfer, a group of advisors in California and Connecticut, together with Paul Tramontano and Jon Goldstein, joined Cresset Asset Administration, Monetary Advisor IQ reported.