Jonathan Amy, a 74-year-old semi-retired neurologist in McLean, Va., is still awaiting a refund of nearly $10,000 on his 2020 taxes. His accountant electronically filed his extension statement in September 2021 and received a notification of acceptance from the Internal Revenue Service. Finally, last month, Mr. Amy contacted the Taxpayer Advocate Service, an independent watchdog … 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
Main Street businesses and American families will likely find it harder to get a loan due to turmoil in the banking sector, economic growth and the risk of recession. “The risk in terms of SVB’s spark is real,” said Greg Daco, chief economist at EY-Parthenon, a strategy advisory unit of Ernst & Young LLP. The … 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
For many years First Republic Bank FRC -32.80% traded at a higher valuation than most other banks, partly reflecting the view that it served a premium clientele. Now, the future value of these wealthy customers is a big question mark. Despite the injection of $30 billion in deposits by megabanks into the First Republic on … 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
Swiss regulators said they would provide liquidity to Credit Suisse Group HER if necessary, offering a lifeline to the lender hard hit by concerns over its financial health. Investor confidence in Credit Suisse plummeted on Wednesday, sparking fears that a banking crisis centered on U.S. regional banks has spread across the Atlantic and is poised … Read more