Banking Troubles Are Not Over

The Journal.

The Wall Street Journal

Business News, News, Daily News

4.2 • 5.8K Ratings

🗓️ 26 April 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Once the envy of the banking world, First Republic grew rapidly by catering to wealthy clients who wanted a high-touch service. But the bank’s highflying business came back to earth after the Federal Reserve began raising interest rates last year and customers started moving their money. WSJ’s Rachel Louise Ensign on why First Republic is now teetering on the brink. Further Reading: - First Republic Lost $100 Billion in Deposits in Banking Panic Further Listening: - Two Executives On What It’s Like to Stop a Bank Run - Can the Government Contain a Banking Crisis? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	First Republic has advertised itself as a bank that would do more for its customers.
0:13.2	First Republic was set up to give wealthy customers a much better service experience.
0:21.1	There was someone you could call on the phone.
0:23.4	They knew your name.
0:24.3	They knew a lot about you.
0:25.8	They gave you fresh baked cookies when you came in and it was a much nicer experience.
0:31.6	Sort of like the Hampton Inn.
0:33.6	Fresh baked cookies.
0:36.1	A little higher end.
0:38.1	That's our colleague Rachel Ensign who's been covering the recent banking crisis and the
0:42.7	one bank that's still in the middle of it.
0:46.0	First Republic.
0:47.0	Well, first Republic until very recently was the envy of the banking industry and is
0:54.2	teetering now.
0:55.2	This first Republic stock was dropping dramatically.
0:58.4	That stock right now, down by over another 20%.
1:02.8	First Republic banks stock plunged nearly 50% today.
1:09.7	After their 50% fall yesterday, the bank's shares fell even further today.
1:16.3	Is it fair to say first Republic has crumbled?
1:19.7	Just sticking with the cookies.
1:21.2	Play it hasn't crumbled 100%.
1:24.0	It's in the crumbling process.
	...

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