San Francisco based First Republic is getting a boost from within the banking industry.
ifeline in uninsured deposits from a coalition of the United States' 11 largest banks.
The news came as a relief to many clients and community members who'd worried it might have the same fate as Silicon Valley Bank that collapsed last Friday. First Republic reported $176 billion in assets at the end of last year and acknowledged that this past week it had borrowed from the Federal Reserve to cover rapid withdrawals.
Levine says while the short term calming measures seem effective, he says long-term, the failure of banks and regulators to recognize the changing interest rate risks is shockingly elementary.He says he worries about even larger banks having similar risky investments, noting that a paper by a team of researchers led by a Stanford professor had some interesting insights.
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