Finance
First Republic Bank to Weigh Up to $100 Billion in Asset Sales
- Shares of the bank tumble on proposed sales, deposit slump
- Buyers might be offered incentives to pay above-market rates
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First Republic Bank is exploring divesting $50 billion to $100 billion of assets as the beleaguered lender attempts to rescue itself from the turmoil that engulfed the industry last month.
The sales, which include long-dated mortgages and securities, are aimed at reducing the mismatch between the bank’s assets and liabilities — one of the factors that has left First Republic teetering after a run on deposits in March, according to people familiar with the matter.