Regulators continued their search for a solution to First Republic Bank’s woes over the weekend before stock markets were set to open Monday.
Cohn said he believed it will be a “much faster process” than what happened with Silicon Valley Bank.
Flush with deposits from the well-heeled, First Republic saw total assets more than double from $102 billion at the end of 2019’s first quarter, when its full-time workforce was 4,600. Kelly said that other options, such as government control or continuing to try to survive on its own, would see its value continue to disappear, along with credit and economic growth.
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