Text size First Republic shares closed down 47% in Monday trading. The stock is now down more than 90% so far in March. Eric Thayer/Bloomberg Shares of Bank of the First Republic are still in freefall even after the banking industry provided the lender with billions of dollars in cash. That money could be enough … Read more
The Federal Reserve will meet on Wednesday and, for once, the outcome is unclear. This is the most uncertain Fed meeting since 2008, said Jim Bianco, president of Bianco Research. Fed officials, starting with former Chairman Ben Bernanke, have perfected the art of having the market price in what the central bank will do – … Read more
““We have a self-induced crisis of irresponsible fiscal monetary policy over the past decade.”” —Leon Cooperman, President of the Omega Family Office This was billionaire hedge fund manager Leon Cooperman commenting on the current banking crisis which has seen the closure of SVB Financial Groups SIVB, Silicon Valley Bank and crypto-friendly lenders Signature Bank and … Read more
One option would be to buy all of Credit Suisse and then turn its local Swiss operations into an independent entity, the sources said. UBS would retain Credit Suisse’s valuable wealth management business. Discussions are ongoing and the contours of the deal could still change as UBS and Swiss regulators flesh out the details of … Read more
The deal could be completed on Sunday if not earlier, the people said. Regulators have offered to waive the usual shareholder voting requirement to speed up the sale, one of the people said. Discussions were quick and a remaining sticking point was the ownership status of the major Swiss retail arm of Credit Suisse, the … Read more
But on Friday, shares of First Republic fell again, losing more than 30% and leaving analysts wondering if it has a future as a standalone bank. What happened to the First Republic Bank? First Republic was one of the banks to be swept away by the contagion that followed the March 10 bankruptcy of Silicon … Read more
The job cuts at Meta The platforms are huge, but not exceptional. Many other companies are acting even more aggressively. Meta (ticker: META), the parent company of Facebook, said last week that it would cut 10,000 jobs and cancel 5,000 vacancies. The cuts come less than six months after the company announced 11,000 layoffs in … Read more
Friday’s fall reflected fears that the big-bank bailout deal hasn’t fully solved the problems of the First Republic, which also suspended its dividend on Thursday. The uproar has prompted analysts to ask whether the company may be under pressure to find a buyer. “It’s unclear whether it’s viable as a stand-alone entity,” said Julian Wellesley, … Read more
Text size Apple and other big companies saw their stocks rise despite worries in the banking sector. Pau Barrena/AFP via Getty Images SVB Financial The ‘s troubles may have triggered the latest round of stock market troubles, but despite the lender’s ties to Silicon Valley, the tech sector has been remarkably resilient during the sell-off. … Read more
JPMorgan Chase and other major banks stepped in this week to shore up Bank of the First Republic to the tune of $30 billion, but their efforts have done little to restore Wall Street’s confidence in regional lenders. The First Republic bailout, involving many of America’s largest banks, including Bank of America (BAC), Citigroup (C) … Read more