off-the-wire

Senator Elizabeth Warren seeks information from First Republic's former CEO - WSJ

Kitco Media
By Reuters
Published:
Updated:
Reuters

May 4 (Reuters) - U.S. Senator Elizabeth Warren has written to Michael Roffler, the former chief executive of failed First Republic Bank asking for more information on his and other executives' pay, the Wall Street Journal reported on Thursday.

Warren posed a dozen questions to the former CEO, focused on Roffler's awareness of problems at the bank before it fell apart, pay practices and stock sales, according to the report.

Warren's office did not immediately respond to a Reuters request for comment, while Roffler could not be reached for comment.

Regulators seized troubled First Republic Bank and JPMorgan Chase (JPM.N) agreed to buy majority of the lender's assets earlier this week, marking the largest U.S. bank failure since the 2008 financial crisis.

Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta
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