Discussions, though preliminary, have focused on how the industry could arrange an investment that would increase the bank’s capital, according to people familiar with the matter. Among the options on the table, people said, is investment in the First Republic by the banks themselves. Eleven major banks banded together last week to deposit $30 billion … Read more
Swiss authorities attempted to finalize the deal on Sunday before Asian markets opened for the week. They walked a fine line, having to get the boards of both banks to agree to the deal and avoid the alternative, a regulator-led liquidation of Credit Suisse, which could prove longer and more painful for the bank. financial … Read more
A tumultuous week in U.S. financial markets ended on an uncertain note on Friday after a massive injection of $30 billion in deposits from major banks into First Republic Bank failed to calm investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began … Read more
UBS Group AG UBS -5.50% is in talks to take over all or part of Credit Suisse Group AG, CS -6.94% which could involve government support, part of an urgent effort by Swiss and global authorities to restore confidence in the banking system, people familiar with the matter said. Credit Suisse this week took a … Read more
The largest banks in the United States, including JPMorgan Chase JPM 1.67% & Co., discuss a joint bailout of First Republic Bank FRC -20.06% that could include a major injection of capital to prop up the beleaguered lender, people familiar with the matter said. JPMorgan works with Citigroup Inc., VS 1.17% Bank of America Corp. … Read more
Bank of the First Republic FRC -21.37% fell more than 20% after the bank’s rating was downgraded by S&P Global and Fitch Ratings, which both pointed to the risk of deposit outflows from the bank. The stock closed at its lowest level since 2012 and is down more than 70% from a week ago. US … Read more
Swiss regulators said they would provide liquidity to Credit Suisse Group HER offering a lifeline to the lender hard hit by concerns over its financial health. Prior to the regulator’s announcement, shares of the Swiss bank had slid 24% to a new low. Its bond prices fell to distressed levels, indicating that investors were pricing … Read more
The new funding gives the bank, which was under pressure following the collapse of SVB Financial Corp. SIVB -60.41% last week, $70 billion of idle cash. That doesn’t include money First Republic can borrow through a new Fed lending facility designed to help banks deal with withdrawals. “First Republic’s capital and liquidity positions are very … Read more
JPMorgan JPM -0.59% Chase & Co. has sued former executive Jes Staley over his ties to Jeffrey Epstein, identifying Mr Staley as the “powerful financial executive” charged with sexual assault in a lawsuit against the bank. Late last year, an unnamed woman alleged that JPMorgan aided Epstein’s sex trafficking by allowing him to remain a … Read more
