Stock Market News
Ex-First Republic CEO says regulators did not express concerns, blames contagion for bank’s collapse
2023.05.17 00:31
© Reuters. FILE PHOTO: A First Republic Bank branch is seen in New York City, U.S., April 28, 2023. REUTERS/Shannon Stapleton/File Photo
(Reuters) – The former chief executive of the First Republic Bank (OTC:) Michael Roffler blamed contagion spread from the failures of regional banks for the bank’s collapse and said regulators did not express concerns regarding the bank’s strategy, liquidity, or management performance.
A total of over $100 billion in deposits were withdrawn from the bank over the course of weeks in response to industry-wide panic about the soundness of regional banks, Roffler said in his testimony to Senate Banking Committee.
