Black Wealth Manager Severs Ties With First Republic Bank And Joins UBS
Managing director and wealth manager for First Republic Bank, Terance Takyi, is one of the latest advisors to sever ties with First Republic Bank amid a JPMorgan Chase takeover.
Takyi, who managed an estimated $227 million in client assets at First Republic, has cut his losses and joined UBS as managing director and financial advisor, according to Financial Planning.
The Black wealth manager and several other First Republic advisors left the bank after it was seized by the Federal Deposit Insurance Corporation (FDIC) and sold to JPMorgan Chase early Monday, according to CNN.
First Republic Bank, a constituent of the S&P 500 Index and KBW Nasdaq Bank Index, suffered a loss of about $100 billion in deposits during the March 2023 banking crisis, making it the nation’s second-largest bank failure.
JPMorgan Chase shared that it took up the insured and uninsured deposits of First Republic Bank from the Federal Deposit Insurance Corporation and acquired a “substantial majority of assets.” However, JPMorgan Chase won’t take on First Republic Bank’s corporate debt. According to CNN, the FDIC will provide JPMorgan Chase with $50 billion in financing and will cover 80% of losses incurred on the failed bank’s portfolio of “single-family residential mortgage loans and commercial loans” for five to seven years.
Some Treasury Department officials fear consumers might withdraw their confidence in the U.S. banking system since the crisis left a dent in the stock market and two other U.S. banks folded — Silicon Valley Bank and Signature Bank – according to BBC.
A spokesperson from the Treasury Department said, “The banking system remains sound and resilient, and Americans should feel confident in the safety of their deposits and the ability of the banking system to fulfill its essential function of providing credit to businesses and families.”
Takyi was named managing director and wealth manager for First Republic Bank in New York in June 2021. Bob Thornton, president of First Republic Private Wealth Management, said about Takyi at the time, “Terance Takyi shares First Republic’s commitment to our unique brand of exceptional client service.”
Some of his duties included portfolio management, retirement planning, and investment consulting. Before First Republic Bank, he had more than 15 years of wealth management experience and served as Vice President at JP Morgan and Private Client Advisor at Goldman Sachs.