First Republic Bank exploring up to $100 billion in asset sales – Bloomberg News

Reuters

(Reuters) – Troubled lender First Republic Bank is exploring an asset sale of up to $100 billion, Bloomberg News reported on Tuesday, citing people familiar with the matter.

A sales would help reduce the bank’s asset-liability mismatch, the report said. FRC did not immediately respond to Reuters request for comment.

The news of the sale comes a day after the San Francisco-based lender laid down plans to shrink its balance sheet and said it aims to increase its insured deposits and cut borrowings from the Federal Reserve Bank.

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It also aims to slash expenses by cutting executive compensation, paring back office space and cutting nearly 20% to 25% of employees in the second quarter, the lender had said on Monday.


(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Arun Koyyur)


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