First Citizens Bancshares Inc., FCNCB 1.85% one of the nation’s largest regional banks, is buying big chunks of Silicon Valley Bank more than two weeks after the lender’s meltdown rocked the banking system. The Federal Deposit Insurance Corp. said First Citizens FCNCB 1.85% acquires all deposits, loans and branches of Silicon Valley Bank, which will … Read more
Bank of the First Republic FRC 29.47% bolsters its advisory ranks as the troubled lender seeks to stay afloat and plan for a post-crisis future amid a transatlantic crisis of confidence in the banking system. The California bank this week typed Lazard ltd. LAZ 3.23% to assist in the review of strategic options which could … 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
US policymakers watched with suspicion the hasty rescue of Credit Suisse CS -6.94% Group AG this weekend, hoping that its takeover by UBS Group HER stem a fall in financial stocks triggered by the recent failure of two regional banks. Late Sunday, the Fed and five major central banks announced a coordinated effort to improve … 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
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
The largest banks in the United States, including JPMorgan Chase JPM 1.39% & Co., discuss a joint bailout of First Republic Bank FRC -19.90% 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 0.66% Bank of America Corp. … Read more
On Wednesday morning, thousands of miles from US shores, a headline began to make its way across Europe and then onto Wall Street, sparking further panic as it dawned on investors that they might face another banking crisis. His comment triggered a sell-off, spreading from European banks to US stock index futures, leaving Dow industrialists … Read more