Shares in First Republic dropped almost 30 per cent on Wednesday as regulators, big banks and potential bidders for its assets all held back from stepping in to help the San Francisco-based lender.
Recriminations have started to fly in private as First Republic’s frantic efforts to sell assets to close the hole in its balance sheet have failed to come to fruition.
Government officials are holding back to give time for a private-sector solution to materialise, people close to the situation said, while the big banks are reluctant to take either short-term losses on asset purchases or the long-term headache of dealing with First Republic’s issues.
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