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© Reuters. FILE PHOTO: A First Republic Financial institution department is seen in New York Metropolis, U.S., April 28, 2023. REUTERS/Shannon Stapleton/File Photograph
(Reuters) – The previous chief government of the First Republic Financial institution (OTC:) Michael Roffler blamed contagion unfold from the failures of regional banks for the financial institution’s collapse and mentioned regulators didn’t categorical considerations concerning the financial institution’s technique, liquidity, or administration efficiency.
A complete of over $100 billion in deposits had been withdrawn from the financial institution over the course of weeks in response to industry-wide panic in regards to the soundness of regional banks, Roffler mentioned in his testimony to Senate Banking Committee.
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