The feds and Wall Street bosses are trying to sweeten the deal for potential investors.
First Republic shares were down about 3% in early trading on Wednesday.The regional lender has struggled even after the nation’s largest banks, including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo,“Unrealized losses” on First Republic’s balance sheet have spooked investors.
Former Goldman Sachs CEO Lloyd Blankfein is a prominent critic of the arrangement, arguing it doesn’t provide any upside to the large banks. “I don’t find that very confidence-inspiring, because I don’t think they’re really doing an analysis and deciding on good credit or a good investment,” Blankfein told CNBC on Wednesday.
“They’re not doing it out of a commercial analysis or the prospects of that institution. They’re doing it because they’re being asked to do it,” Blankfein added.
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