Ex-First Republic CEO Says Collapse Due to Other Banks Failing
- Michael Roffler makes comments in prepared testimony
- Roffler is due to give testimony in Congress on Wednesday
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Former First Republic Bank Chief Executive Officer Michael Roffler said his bank’s collapse was due to the contagion from other regional bank failures that triggered deposit outflows.
“To be clear, no one at First Republic could have predicted the collapse of Silicon Valley Bank and Signature Bank, the speed at which it happened, or the catastrophic effects these events had on the banking industry and consumer confidence,” Roffler said in prepared testimony ahead of his appearance Wednesday before a House of Representatives committee on financial services.