UPDATED: First Republic Bank seized, sold to JPMorgan Chase
Those fears were crystalized in the bank’s recent quarterly results. The bank said depositors pulled more than $100 billion out of the bank during April’s crisis. San Francisco-based
said that it was only able to stanch the bleeding after a group of large banks stepped in to save it with $30 billion in uninsured deposits.has been looking for a way to quickly turn itself around. The bank planned to sell off unprofitable assets, including the low interest mortgages that it provided to wealthy clients. It also announced plans to lay off up to a quarter of its workforce, which totaled about 7,200 employees in late 2022.
Investors remained skeptical. The bank’s executives have taken no questions from investors or analysts since the bank reported its results, causingAnd it’s hard to profitably restructure a balance sheet when a firm has to sell off assets quickly and has fewer bankers to find opportunities for the bank to invest in.
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