Good morning, and happy May Day. As part of its deal, 84 First Republic branches in eight states will reopen as JPMorgan branches on Monday.
First Republic’s value declines sharply amid anticipation of FDIC takeover.
Shares of First Republic Bank dropped by up to 54% in extended New York trading due to speculation that regulators would seize the bank, as regional US lenders face challenges
US Regulators race to save First Republic Bank
US officials are reportedly holding emergency discussions to save First Republic Bank, as attempts by private sector banks to reach a resolution have failed thus far.
Shares of First Republic Bank have reached a new low as the bank attempts to secure a rescue deal.
On Wednesday, shares of First Republic Bank (NYSE: FRC) plummeted over 35%, with trading being paused multiple times due to volatility.
The future of First Republic Bank is uncertain after experiencing another significant drop
On Wednesday, global markets were unsettled due to the escalating concerns about a possible banking crisis in the US, exacerbating the broader fears of significant risks to the world economy.
At least 9 members of US Congress sold Silicon Valley Bank stock before it failed.
Several members of Congress sold banking stocks before and during the market turmoil last month, with nine individuals identified so far.
Bank of England expected to raise rates in May
According to the money markets, the likelihood of the BoE increasing the Bank Rate to 4.5% in May has risen from 82% to 97%. The markets also suggest that there
With the prevalence of social media, banks face an increased risk of rapid collapses
Andrew Bailey, the Governor of the Bank of England, has cautioned that new technology has increased the likelihood of banks collapsing more quickly than in the past.
Allegations of tax fraud have led to the raiding of French banks
As part of an investigation into tax fraud and money laundering related to dividend payments, some of France’s largest banks were raided by the country’s financial prosecutor.
Amidst the turmoil in the banking industry, a rival has acquired Silicon Valley Bank
After its sudden collapse earlier this month, a buyer has been found for troubled US regional lender Silicon Valley Bank. First Citizens has agreed to purchase all loans and deposits
The US Treasury Secretary to hold emergency meeting with US financial regulators
Today, in the midst of the recent banking turmoil, the US Treasury Secretary, Janet Yellen, will chair an impromptu meeting with the leaders of America’s financial regulatory bodies.