How to Tell Which Bank Is Next

Madam Morgan: It seems like you have to look at all kinds of metrics that people didn't think about in the past. One thing I'm struck by is that banks said for years, they just wait until interest rates are higher and we will have better earnings because loan spreads were compressed. But here we are with higher interest rates and it seems more worrisome than before. These are the kinds of questions that I put to Richard Ramsden who covers banks for Goldman Sachs. He points out there wasn't much of an impact on first republic from a customer standpoint.