to CNBC. “Advisors to First Republic will attempt to cajole the big U.S. banks who’ve already propped it up into doing one more favor,” CNBC’s Hugh Son reported. Others have blamed a specific demographic of First Republic Bank’s customers for its downfall.
“Wealthy clientele such as the affluent individuals that banked at [First Republic] have no loyalty to any particular financial adviser,” Chris Whalen, chairman of Whalen Global Advisors, stated in a noteby CBS News. “First Republic was one of many advisers and service providers to their wealthy customers, people who find products like interest-only mortgages attractive,” Whalen added.
After dropping more than 30% on Wednesday, First Republic Bank’s shares managed to rise and currently, the stock is down between
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