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First Republic Goes From Wall Street Raider to Rescue Target

  • Bank built a $271 billion wealth-management unit aimed at rich
  • Shares are plunging as company weighs options, including sale
Bloomberg business news
First Republic Bank Gets $30 Billion of Bank Deposits in Rescue
Updated on

Just days ago, First Republic Bank boasted of another coup for its wealth-management business: poaching a six-person team from Morgan Stanley in Los Angeles.

That followed hiring sprees targeting Bank of America Corp., JPMorgan Chase & Co., Bank of New York Mellon Corp. and Wells Fargo & Co. — raiding crews in Boston, New York and Palo Alto, California. It reflected how the San Francisco-based bank was rapidly expanding on the back of tech riches.