First Republic Bank sells off bank stock portfolio amidst regulatory concerns and industry changes

 First Republic Bank, one of the top-performing banks in the US, has decided to sell off its entire stock portfolio of other banks. This move is likely to cause ripples in the banking industry as other banks may follow suit, causing a decline in bank stocks. The decision to divest its stock portfolio was made due to concerns about potential regulatory changes that could impact the industry, as well as a desire to focus on its core business of private banking and wealth management.

The move comes as a surprise as First Republic has been a strong performer in recent years, with its stock price rising more than 70% in the last year alone. However, the bank's management has made it clear that they are not abandoning the banking industry altogether, and will continue to invest in other areas such as real estate and technology.

The sale of the stock portfolio is expected to result in a significant windfall for First Republic, which could be used to fund future acquisitions or invest in new technologies. However, the move may also have a ripple effect on the banking industry as other banks may be tempted to follow suit, causing a decline in bank stocks.