John Carusone
John Carusone
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As a bicoastal wealth management bank, First Republic needs to be in the Northeast and, of course, Fairfield County. Last month's acquisition of First Signature Bank positions them in the important markets of Boston and greater Greenwich. Still, they're going to have tough competition. These markets attract the best and the brightest in private banking.
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There will always be an opportunity for boutique banks, based on the number of new ones starting up all the time. It does not mean boutique banks will go out of existence.