03.16.23
First Republic Goes From Wall Street Raider to Rescue Target
by: Tom Maloney; Devon Pendleton; Biz Carson; et al.
First Republic Bank recently poached a six-person team from Morgan Stanley in Los Angeles. That followed hiring sprees targeting Bank of America, JPMorgan Chase, Bank of New York Mellon and Wells Fargo, reflecting how the San Francisco-based bank was rapidly expanding. Now it is racing to reassure customers and clients that it can avoid the fate of Silicon Valley Bank. It has secured funding from some of the very banks from which it poached wealth management talent from, receiving $30 billion in uninsured deposits to bolster its finances.
Read the full article on Bloomberg