Ex-First Republic CEO says regulators did not express concerns, blames contagion for bank's collapse

First Republic Bank

17/05/2023 05:00

May 16 (Reuters) - The former chief executive of the
First Republic Bank Michael Roffler blamed contagion spread from
the failures of regional banks for the bank's collapse and said
regulators did not express concerns regarding the bank's
strategy, liquidity, or management performance. 
    A total of over $100 billion in deposits were withdrawn from
the bank over the course of weeks in response to industry-wide
panic about the soundness of regional banks, Roffler said in his
testimony to Senate Banking Committee.

    
    

 (Reporting by Nilutpal Timsina in Bengaluru; Editing by Kim
Coghill)
 ((Nilutpal.Timsina@thomsonreuters.com; +91 86382 04706;))