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As a crisis of confidence enveloped regional and specialized U.S. banks, especially those with significant levels of uninsured deposits, First Republic’s wealth-management advisors also headed for the exits.
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In fairness, part of the reason that JPMorgan received so few of the departing brokers may be its own restraint. As First Republic’s deposits and stock price spiraled lower, JPMorgan sent out an internal memo warning executives not to actively recruit First Republic advisors. “We directed our managers to never exploit a situation of stress or uncertainty,” a JPMorgan spokesperson told Forbes.
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