First Republic tells CNBC the bank isn't seeing that many depositors leave
SYSTEM HERE. >> YEAH. THANK YOU, STEVE I JUST SPOKE WITH JIM HERBERT, THE CEO OF FIRST REPUBLIC. AND I ASKED HIM, WHAT ARE THE OUTFLOWS TODAY HE SAID IT’S BUSINESS AS USUAL I’M SPEAKING TO THE CEO. THAT DOES NOT MEAN JIM CRAMER SAYS IT’S BUSINESS AS USUAL. THEY’RE NOT THAT — NOT THAT MANY LIQUIDATIONS ABOVE 250,000. IT’S PRETTY MUCH THE SAME AS YOU WOULD EXPECT THE JPMORGAN FUNDING IS WORKING. TRYING TO MAKE IT SO THE SITUATION IS STABLE. NOW, DAVID, I WANT TO ASK YOU, WHEN A BANK TELLS YOU THAT THERE’S JUST THE OUTFLOWS ARE
BUSINESS AS USUAL AND NO LIQUIDITY PROBLEM, THAT DOES NOT MEAN THAT WE’RE SAYING THERE’S NO LIQUIDITY PROBLEM. >> NO. LISTEN, I’VE BEEN REPORTING ON MY SHARE OF FINANCIAL CRISES, WHEN A BANK HAS TO TELL YOU THAT, IT’S ALWAYS A PROBLEM TO BEGIN WITH. >> RIGHT. >> BUT, BUT WE HAVE TO LISTEN, WE HAVE TO TAKE THEM AT THEIR WORD CONCEIVABLY IT’S NEVER A GOOD SIGN WHEN THEY HAVE TO EVEN REASSURE ANYBODY. >> I PESTERED HIM, SO LET’S GIVE HIM CREDIT FOR CALLING ME BACK. >> OKAY. >> THEY SAID THERE WASN’T DEPOSIT OUTFLOWS >> BUSINESS AS
USUAL NOT ANY SIZABLE NUMBER OF PEOPLE WANTING MONEY. >> I MEAN, THERE WERE. WE KNOW THERE WERE. >> ON FRIDAY AND SATURDAY. >> I DON’T KNOW
