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Topline
First Republic became the second-largest bank to fail in American history Monday after the federal government oversaw the offloading of its assets to JPMorgan Chase – here’s what led to the stunning disintegration of the San Francisco-headquartered bank targeting wealthy clientele.
Key Facts
January 13: First Republic delivers seemingly strong financial results from the last quarter of 2022, topping analysts’ earnings estimates, but the company reveals its interest expenses surged some 2,040% year-over-year and 153% from the prior quarter, in what turned out to largely be the death knell for the bank as it failed to navigate the Federal Reserve’s 2022-23 interest rate hike campaign.
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