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
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
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
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
