Why First Republic Bank Collapsed
In February, First Republic Bank ’s well-heeled customers were yanking money from their accounts. The bank tried to stem the tide by offering higher rates on certificates of deposit. Even that was a tough sell.
Jim Herbert, the bank’s 78-year-old founder, usually a reassuring presence, slammed his hand on the table during an all-hands meeting. We’ve got to get more deposits, he said, according to people familiar with the matter.
In February, First Republic Bank ’s well-heeled customers were yanking money from their accounts. The bank tried to stem the tide by offering higher rates on certificates of deposit. Even that was a tough sell.
Jim Herbert, the bank’s 78-year-old founder, usually a reassuring presence, slammed his hand on the table during an all-hands meeting. We’ve got to get more deposits, he said, according to people familiar with the matter.
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.