Reses: First Republic disclosed 9% tech deposit exposure during SVB crisis
Jackie Reses · Jackie Reses & Kris Dickson: What Happened with SVB? Are VCs to Blame? | E988 · 20VC with Harry Stebbings · Mar 13, 2023 · at 35:28
Jackie Reses, CEO of Lead Bank, references First Republic Bank's public disclosures following the panic around Silicon Valley Bank.
0:00 / 0:15exact quote · 15.8s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“They put out a notice on, on Friday that said, only 15% of our securities are, or 15, 15% of our assets are, you know, securities. Nine percent of our deposit base is tech, you know, broadly diversified.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Jackie Reses
Reses: No Current Crypto Use Case Has Proven Market Longevity
“I don't think we're there yet on any use case, frankly. That I think will have longevity in the market, but I do think the underlying technology is super important to experiment with and to explore new ways of building financial rails”
Reses: Super Apps Are a Myth Except for Outliers Like Cash App
“And so, I don't see a broad market for super apps. I think there are a few players out there who have shown that they could build multiple use cases around their product. Again, I got to go back to Square because I know it so well. Cash App is, to me, the most…”
Reses: Raw Intelligence and Grit Beat Domain Knowledge for Novel Products
“I would rather focus on things like raw intelligence, judgment, curiosity, grit, ability to manage ambiguity, rather than looking for things like domain knowledge or operators with prior scale experience, you know, that's another big mistake where you assume b…”
Reses: Yahoo Earned $50 Billion Through Renegotiated Alibaba Deal
“It probably generated fifty billion dollars worth of economics to Yahoo shareholders”
Reses: Next Decade of Fintech Winners Will Focus on Expense Management
“And so, I see the next 10 years of interesting companies being developed around expenses, expense management, and then infrastructure as the second component.”
Reses: Lead Bank Is a Net Beneficiary of Crypto Market Scrutiny
“There are some components for us as a bank that are also interesting because we understand how to assess risk in the crypto market, and we have been able to onboard those crypto companies that are super high quality companies that are getting unbanked by those…”