First Republic CEO: "What's really important is to always put the customer first" He says people were frustrated that payroll didn't happen on time, but also grateful for steps they took. First Republic ran all of its infrastructure through JPMorgan Chase because it was 'too big to fail,' he says. The bank has been hit with a 25% rate hike by the Fed and credit suites are still struggling.
The Sunday Times’ tech correspondent brings on Parker Conrad, founder and chief executive of Rippling, to talk about getting caught in the collapse of Silicon Valley Bank (3:30), receiving a call at 5:30 am (8:30), how wide the SVB blast radius was (11:00), moving $130m to JP Morgan in three hours (13:45), raising $500m in a day (17:00), why some people still didn’t get paid (23:40), the growing vulnerabilities of regional banks (30:20), the importance of SVB to tech (32:30), Conrad's experience at Zenefits (37:15), why automating things with software is harder than it seems (42:30), and operating in a slowing economy and tighter funding environment (44:40).
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