The focus of the US regional banking crisis turned on First Republic Bank in late March after the wealthy clients it courted to fuel its breakneck growth began pulling their deposits. With no let-up in pressure on First Republic, the biggest US bank JPMorgan Chase & Co, said on Monday (May 1) it will
The focus of the US regional banking crisis turned on First Republic Bank in late March after the wealthy clients it courted to fuel its breakneck growth began pulling their deposits.
Founded in 1985 by James"Jim" Herbert, son of a community banker in Ohio, First Republic focused early on providing big loans at cheap rates. Merrill Lynch acquired the bank in 2007 but First Republic was listed on the stock market again in 2010 after being sold by Merrill's new owner, Bank of America.
First Republic said in January its shareholder returns were compounded at 19.5 per cent annually, more than double its peers. It said its median single-family home loan borrower had access to cash of US$685,000, significantly more than the average American. And by March, analysts and investors pegged its paper losses at between US$9.4 billion and US$13.5 billion.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JP Morgan to buy First Republic Bank's assets and assume deposit baseJPMorgan Chase & Co will buy most of First Republic Bank's assets in a last-ditch rescue led by United States regulators, marking the third major US institution to fail in two months. The deal, announced early on Monday (May 1) by regulators who said they had seized First Republic, will see the banking
Read more »
FDIC asks banks for final First Republic bids: ReportsThe US Federal Deposit Insurance Corp has asked banks including JPMorgan Chase and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday (Apr 29) after gauging their initial interest earlier in the week, Bloomberg News reported. The banking regulator reached out to banks late
Read more »
First Republic auction underway, with deal seen by Apr 30: SourcesBanks including Citizens Financial Group, PNC Financial Services Group and JPMorgan Chase are among roughly half a dozen bidders vying for First Republic Bank in an auction process being run by US regulators, according to sources familiar with the matter. Guggenheim Securities is advising the US Federal De
Read more »
Israeli forces kill Palestinian teen in West Bank raidSix others were wounded, including three in serious condition, Palestinian health officials said. Read more at straitstimes.com.
Read more »
World Bank set to launch more robust, transparent business climate rankingsWASHINGTON : The World Bank will announce on Monday a new methodology for assessing the business climate in up to 180 countries after embarrassing revelations of data irregularities and favoritism toward China forced it to cancel the 'Doing Business' rankings two years ago.The bank said a pilot edition of
Read more »
World Bank launches more robust, transparent business climate rankingsA pilot edition of the new annual series called “Business Ready” will be published in the spring of 2024. Read more at straitstimes.com.
Read more »