First Republic Bank enlists Lazard’s assistance in reviewing strategic options

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

Fund managers fear ‘systemic credit event’ as biggest threat to markets: BofA

Posted: March 21, 2023 8:53 a.m. ET Fund managers fear a systemic credit crunch could be the biggest tail risk this month, Bank of America strategists said following their latest survey data. The bank’s latest global survey of fund managers found that 31% of 212 fund managers polled voted systemic credit crunch as the biggest … Read more

JPMorgan CEO Jamie Dimon leads efforts to craft new rescue plan for First Republic Bank

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

US stocks gain, but First Republic Bank slips

As of 4 p.m. ET, the Dow Jones Industrial Average added about 380 points, or 1.2%, and the S&P 500 rose 0.9%. The technology-focused Nasdaq Composite climbed 0.4%. The indices fell on Friday but have been relatively insulated from the banking crisis so far. Authorities sought to stem a dangerous decline in confidence in the … Read more

The Fed raised concerns about SVB’s risk management in 2019

WASHINGTON — The Federal Reserve raised concerns about risk management at Silicon Valley Bank at least four years before its failure earlier this month, documents show. In January 2019, the Fed issued a warning to SVB SIVB -60.41% on its risk management systems, according to a presentation released last year to employees of SVB’s venture … Read more

UBS acquires Credit Suisse to stem the banking crisis

London CNN — Switzerland’s biggest bank, UBS, has agreed to buy struggling rival Credit Suisse in an emergency bailout deal aimed at stemming financial market panic sparked by the failure of two US banks earlier this year. month. “UBS today announced the acquisition of Credit Suisse,” the Swiss National Bank said in a statement. He … Read more

UBS close to an agreement to acquire Credit Suisse for more than 2 billion dollars

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

5 Ways US Bank Failures May Impact the Fed’s March 2023 Rate Decision

The Federal Reserve is meeting this week to decide its next move on interest rates just as its year-long fight against inflation is colliding with a crisis in the financial sector. The Fed’s next move will be closely watched as recent bank failures bring back memories of the 2008 financial crisis. Even ahead of Wednesday’s … Read more

Midsize banks seek unlimited FDIC support as bank run fears rise

A coalition of midsize US banks is calling on the government to insure all deposits for the next two years, following the emergency bailout of Silicon Valley Bank which has insured all of the company’s deposits regardless of their size. Driving the news: The Mid-Size Bank Coalition of America has sent a letter to regulators … Read more

From SVB’s sudden collapse to Credit Suisse fallout: 8 charts show financial market turmoil

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