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Fortune

Sheryl Estrada

First Republic is suddenly in big trouble—but the structural issues date back when CEO Mike Roffler was CFO

First Republic Mike Roffler SVB FRC US Federal Reserve

(Credit: AaronP/Bauer-Griffin/GC Images)

Good morning,

You know things are bad when an earnings call lasts just 12 minutes, the CFO wasn't present, and the CEO won't take questions. That was the case Monday when First Republic Bank reported its first-quarter earnings revealing the massive loss of customer deposits.

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