#FirstRepublic #youtube #stockmarket
First Republic shares plummeted over growing concerns about the bank’s chances of survival. “They need to do the mother of all pivots” to survive, says Timothy Coffey of Janney Montgomery Scott. The analyst says the bank needs to shrink its balance sheet, but their assets are no longer worth what they once were, making a sale “a tough pill for a buyer to swallow.” When asked about a CNBC report that First Republic (FRC) is likely headed for FDIC receivership, Coffey says it is “unlikely” the bank will survive. “Unless there’s an asset sale and a follow-on equity raise to support their own capital levels, make up for the losses that they would incur on the sale of the assets, it’s unlikely,” Coffey told Yahoo Finance’s Julie Hyman and Diane King Hall. Key video moments
00:00:08 First Republic needs “to do the mother of all pivots”
00:01:11 What it will take for First Republic to survive
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