2023-04-29 09:58:45
“In his prime, Jim would have been able to turn things around; he was an innovative banker and a charming person. It’s a tragedy,” summed up the Financial Times a client of First Republik, the US bank that may be next to fail. The Jim in question is James Herbert, the founder of the California private bank which enjoyed a dizzying rise until emerging from the pandemic. And the tragedy is the fall of what was until recently the 14th largest American bank, whose rescue might be organized by the end of the weekend. The US government has asked JP Morgan and PNC Financial to submit their takeover offers by Sunday, following probing their interest during the week, according to Bloomberg. Unless Jim Herbert, 78, finds a solution himself.
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