(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.
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)