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.