FOCUS-How First Republic's courtship of the wealthy led to meltdown
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By Lawrence Delevingne March 27 (Reuters) - First Republic Bank became the epicenter of the U.S.
regional banking crisis after the wealthy clients it courted to fuel its breakneck growth started withdrawing deposits and left the bank reeling. Wall Street's top banks, led by JPMorgan Chase & Co, have been trying for more than a week to raise capital for San Francisco-based First Republic after giving it $30 billion in deposits following the failures of regional lenders Silicon Valley Bank and Signature Bank. Despite their efforts, First Republic shares have swooned 90% in March, and banking analysts and industry experts say the bank is constrained in how it can revive its fortunes.
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