First Republic Fails, Now What?

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 2 May 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

I joined CBS Mornings to discusses the decline and fate of First Republic Bank and the Federal Reserve's report of what went wrong with Silicon Valley Bank. Have a money question? Email us here Subscribe to Jill on Money LIVE YouTube: @jillonmoney Instagram: @jillonmoney Twitter: @jillonmoney "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Show.
0:05.8	It's Tuesday, May 2nd, and we are here trying to answer financial questions and to make
0:10.6	sense of news stories as they occur.
0:14.2	So yesterday morning, you probably woke up, you heard about First Republic Bank.
0:20.3	What happened?
0:21.3	Well the FDIC seized First Republic Bank, and then JP Morgan assumed most of that bank's
0:28.6	business.
0:29.6	And yesterday I went on the air on CBS Mornings to give a big picture, take on what happened,
0:35.6	it was a quick hit, and we'll talk more about it on the other side of this segment.
0:40.1	So this is me and CBS Morning's co-host Nate Burleson yesterday morning.
0:46.2	First Republic has been sinking for weeks ever since Silicon Valley Bank and signature
0:50.0	bank failed in March.
0:51.5	Its stock price had plunge from $120 a share to about $3.5.
0:57.0	CBS News business analyst Jill Slesinger is here to break it all down.
0:59.7	It's the first of the month and the first day of the week.
1:02.3	I don't know if that's a good sign, but let's jump right into it.
1:04.6	So for people who have an account at First Republic, what do they do now?
1:08.3	Very easy, nothing.
1:09.7	Your bank branches are going to open today.
1:11.3	84 branches from First Republic are going to open.
1:13.9	All the deposits are going to be safe.
1:15.9	So remember in Silicon Valley Bank there was a real question because there wasn't a purchaser
	...

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