Banking Crisis
Tom Barrack Playing Key Role in Talks to Save First Republic
- He’s working with Chairman Jim Herbert on exploring options
- Firm racing to avoid collapse after getting $30 billion rescue
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Colony Capital founder Tom Barrack is taking a leading role in advising First Republic Bank on its options as the lender races to avoid a collapse after a $30 billion rescue last week failed to assuage investors, according to people familiar with the matter.
Barrack, 75, a member of First Republic’s board and a longtime friend of former President Donald Trump, is working closely with Executive Chairman Jim Herbert in orchestrating any potential deal, said the people, who asked not to be identified because the discussions are private. Barrack declined to comment.