First Republic Bank

A consortium of 11 US private banks will deposit US$30 billion (S$40 billion) with the regional lender. Read more at straitstimes.com.

In a statement, First Republic founder Jim Herbert and chief executive Mike Roffler said the “collective support strengthens our liquidity position… and is a vote of confidence for First Republic and the entire US banking system.” “We believe the risk of deposit outflows is elevated at First Republic Bank,” S&P said on Wednesday as it moved to downgrade the lender. Founded in 1985, First Republic is the 14th largest US bank by assets, with US$212 billion at the end of 2022. “This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” said leaders of the Treasury Department, United States Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency in a joint statement. “This action by America’s largest banks reflects their confidence in First Republic and in banks of all sizes,” the group said in a joint statement.

Some of the biggest US banking names including JPMorgan Chase & Co, Citigroup, Bank of America, Wells Fargo & Co, Goldman Sachs and Morgan Stanley poured ...

JPMorgan Chase, Bank of America, Citigroup and Wells Fargo will each deposit $5bn into First Republic, a California-based lender. Goldman Sachs and Morgan ...

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Bank of America, Goldman Sachs, JP Morgan agree to prop up troubled bank after its shares tumbled amid wider turmoil.

The unprecedented rescue plan will see most of the US’s largest banks making uninsured deposits into First Republic. Goldman Sachs and Morgan Stanley are each making deposits of $2.5bn, and BNY Mellon, PNC Bank, State Street, Truist and US Bank are each making a deposit of $1bn, for a total deposit from the eleven banks of $30bn. [The long-troubled bank’s](https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians) share price had collapsed after its largest shareholder, Saudi National Bank, said it was unable to provide more financing to Credit Suisse. First Republic’s percentage of uninsured deposits was far lower – at 68% according to S&P Global - but was high enough to worry investors and depositors with more than $250,000 in accounts at the bank. “The actions of America’s largest banks reflect their confidence in the country’s banking system. Shares in First Republic – a San Francisco-based bank that largely caters to wealthier clients including Facebook co-founder Mark Zuckerberg – had fallen about 70% since the news of SVB’s collapse.

A deal to deposit $30 billion into First Republic Bank announced on Thursday was put together by top power brokers from the U.S. Treasury, Federal Reserve ...

[(GS.N)](https://www.reuters.com/companies/GS.N), Morgan Stanley [(MS.N)](https://www.reuters.com/companies/MS.N) also agreed to pump in $2.5 billion each into First Republic. Bancorp [(USB.N)](https://www.reuters.com/companies/USB.N) channeled $1 billion of deposits into the San Francisco-based lender. The rescue plan was a "sly vote of confidence in the contributing banks" from regulators, said Chris Kotowski, an analyst at Oppenheimer Research. First Republic's shares closed 10% higher at $34.27 on Thursday, ending a volatile day which saw its trading halted 17 times. The company also suspended its dividend, it said in a Sullivan & Cromwell did not immediately respond to a request for comment. Other lenders including BNY Mellon [(BK.N)](https://www.reuters.com/companies/BK.N), PNC Financial Services Group [(PNC.N)](https://www.reuters.com/companies/PNC.N), State Street Corp [(STT.N)](https://www.reuters.com/companies/STT.N), Truist Financial Corp [(TFC.N)](https://www.reuters.com/companies/TFC.N) and U.S. banking sector, hit by the collapse of SVB Financial Treasury, Federal Reserve and banks including JPMorgan Chase & Co after a steep decline in First Republic's shares, according to sources. [(BAC.N)](https://www.reuters.com/companies/BAC.N) Citigroup and Wells Fargo & Co [(WFC.N)](https://www.reuters.com/companies/WFC.N) make uninsured deposits of $5 billion each into the bank. [(SIVB.O)](https://www.reuters.com/companies/SIVB.O) on Friday and the shutdown of Signature Bank [(SBNY.O)](https://www.reuters.com/companies/SBNY.O) on Sunday, the second and third largest bank failures in U.S. [(JPM.N)](https://www.reuters.com/companies/JPM.N) CEO Jamie Dimon earlier this week, two sources familiar with the situation said.

Treasury Secretary Janet Yellen told the Senate Finance Committee that the banking system is sound. But as she was testifying, the Wall Street Journal and ...

[Jeanne Whalen](https://www.washingtonpost.com/people/jeanne-whalen/), global business reporter for the The Washington Post about First Republic and other banking news of the day. But as she was testifying, the Wall Street Journal and Bloomberg News reported that America's biggest banks are mulling a rescue of First Republic Bank. Days after the government intervened in two bank failures, Treasury Secretary Janet Yellen told the Senate Finance Committee that the banking system is sound.

An 11-bank plan to save regional lender First Republic began with a brainstorming session between JPM CEO Jamie Dimon, Fed chair Jerome Powell and Treasury ...

NEW YORK: America's largest banks moved on Thursday (Mar 16) to shore up First Republic, easing fears that the regional lender could be the next domino to ...

The bank is known for private banking and wealth management. In a statement, First Republic founder Jim Herbert and CEO Mike Roffler said the "collective support strengthens our liquidity position ... Advertisement

A DEAL to deposit US$30 billion into First Republic Bank, announced on Thursday was put together by top power brokers from the US Treasury, Federal Reserve ...

The news comes after First Republic's stock has been pummeled in recent days, sparked by the collapse of Silicon Valley Bank and Signature Bank.

[Silicon Valley Bank](/quotes/SIVB/) last Friday and [Signature Bank](/quotes/SBNY/) over the weekend. On Thursday, the bank said that it had about $34 billion in cash as of March 15, not counting the new $30 billion in deposits. However, the unrealized losses on First Republic's bond portfolio due to last year's rapid rise in interest rates have made an acquisition unappealing, the sources said. [Bank of America](/quotes/BAC/), [Wells Fargo](/quotes/WFC/), [Citigroup](/quotes/C/) and [JPMorgan Chase](/quotes/JPM/) will contribute about $5 billion apiece, while [Goldman Sachs](/quotes/GS/) and [Morgan Stanley](/quotes/MS/) will deposit around $2.5 billion, the banks said in a [news release](https://www.businesswire.com/news/home/20230316005695/en/). [Truist](/quotes/TFC/), [PNC](/quotes/PNC/), [U.S. Regional bank stocks initially fell on Thursday but reversed higher after reports from CNBC's David Faber and others about the development of the deposit plan.

The lenders including J.P.Morgan and Wells Fargo would deposit $30 billion into the beleaguered midsized lender as part of the rescue.

"There will be a careful look at what happened in the bank, and what initiated the problem," she said. has led to "a high proportion of uninsured deposits." "They don't do a lot of risky loans." That happened even after the lender said it had lined up $70 billion in new financing from both the Federal Reserve and the world's largest bank, J.P. First Republic also noted it was eligible to seek additional funding from the Fed if there were heightened demand for withdrawals. are stepping in to save First Republic Bank.

First Republic Bank shares swung wildly Thursday, whipsawing investors as larger banks sought to stem tumult by agreeing to add $30 billion of deposits to ...

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FedEx reported adjusted earnings of $3.41 per share, topping analysts' estimates of $2.73 per share, according to Refinitiv. Meanwhile, the company's revenue ...

Shares of [Zions Bancorp](/quotes/ZION/) and [KeyCorp](/quotes/KEY/), which are among the regional banks facing a rough week, fell more than 2%. [Merck](/quotes/MRK/) — Shares of the pharmaceutical company fell nearly 2% in extended trading after [Merck provided an update on a trial](https://www.merck.com/news/merck-provides-update-from-open-label-arm-of-phase-2-keyvibe-002-trial-evaluating-mk-7684a-a-coformulation-of-vibostolimab-and-pembrolizumab-in-previously-treated-patients-with-metastatic-non-small/) for one of its metastatic non-small cell lung cancer drugs. Shares of [United Parcel Service](/quotes/UPS/) popped 2% in sympathy.

A group of 11 major banks were working on a $30 billion rescue plan for First Republic Bank on Thursday. Also, Treasury Secretary Janet Yellen told senators ...

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Jamie Dimon and U.S. Treasury Secretary Janet Yellen were on a call Tuesday when Yellen floated an idea: What if the nation's largest lenders deposited ...

and Wells Fargo & Co. was reaching out to the heads of the next three largest U.S. Dimon was game — and soon the chief executive officer of JPMorgan Chase & Co.

In late January, First Republic Bank's CEO wrote to U.S. regulators saying his bank did not pose signficant risk to the U.S.'s financial stability.

[called on the U.S.](https://fortune.com/2023/03/11/silicon-valley-bank-svb-ceo-greg-becker-dodd-frank-trump-rollback-systemically-important-fdic/) to lift its threshold for considering a bank to be systemically important and thus subject to stricter capital requirements. Then, on Wednesday, both S&P Global Ratings and Fitch Ratings [cut First Republic Bank](https://www.bloomberg.com/news/articles/2023-03-15/first-republic-bank-cut-to-junk-by-s-p-on-deposit-outflow-risk) to junk status, citing the risk of deposit outflows and a loss of liquidity. The banks pledged to keep the money there for at least 120 days, reports [Bloomberg](https://www.bloomberg.com/news/articles/2023-03-16/jpmorgan-s-dimon-met-with-yellen-on-first-republic-thursday), either saving First Republic Bank or giving it time to pursue other options. In a Monday opinion piece for the government announced it had taken over Signature Bank of New York, and would protect both its and SVB’s depositors in full. The heads of both Silicon Valley Bank and First Republic Bank tried to influence the U.S. lawmakers are already blaming banking leaders for weakening financial regulations and thus spurring the current crisis. The Consumer Financial Protection Bureau is still in the process of writing those regulations. The U.S. Shares in First Republic Bank fell 17% in after-market trading on Thursday. regulators have yet to implement the proposal.) [sent a letter to](https://www.fdic.gov/resources/regulations/federal-register-publications/2022/2022-resolution-resource-large-banking-3064-af86-c-033.pdf) both the Federal Reserve and the Federal Deposit Insurance Company against a proposal to require smaller lenders to follow similar rules as systemically important banks, reports [The Information](https://www.theinformation.com/articles/first-republic-ceo-told-regulators-earlier-this-year-his-bank-didnt-need-more-rules?rc=yvn2nw).

Markets in Europe and Asia rebounded Friday after First Republic Bank was rescued by a group of major US lenders, easing worries about the current banking ...

Regulators on both sides of the Atlantic have taken [emergency measures](https://www.cnn.com/2023/03/12/investing/svb-customer-bailout/index.html) to shore up confidence, including protecting deposits at SVB and Signature Bank. “But an industry-wide rescue to shore up the bank’s finances provided some much-needed reassurances to mitigate further banking jitters.” Real estate developer Country Garden ended the day 7.7% higher, after China’s property market showed early signs of recovery. The rally in Europe carried over to Friday, although gains were modest. The benchmark Stoxx Europe 600 index rose 0.3% in early trade. [plummeted in Europe](https://www.cnn.com/2023/03/16/investing/why-credit-suisse-is-struggling/index.html). [(DAX)](https://money.cnn.com/data/world_markets/dax/?source=story_quote_link) and France’s CAC 40 [(CAC40)](https://money.cnn.com/data/world_markets/cac40/?source=story_quote_link) ticked up 0.4% and 0.07% respectively. [(UKX)](https://money.cnn.com/data/world_markets/ftse100/?source=story_quote_link) inched up 0.6%. [borrowing up to 50 billion Swiss Francs](https://edition.cnn.com/2023/03/15/investing/credit-suisse-shares-saudi-national-bank/index.html) ($53.7 billion). [was rescued](https://www.cnn.com/2023/03/16/investing/first-republic-bank/index.html) by a group of major US lenders, [easing worries](https://www.cnn.com/2023/03/16/investing/credit-suisse-snb-loan-shares?utm_source=business_ribbon) about the current banking turmoil. [(CSGKF)](https://money.cnn.com/quote/quote.html?symb=CSGKF&source=story_quote_link) over the past week. [(FRC)](https://money.cnn.com/quote/quote.html?symb=FRC&source=story_quote_link) is set to receive a $30 billion lifeline from a group of America’s largest banks, including JPMorgan Chase [(JPM)](https://money.cnn.com/quote/quote.html?symb=JPM&source=story_quote_link), Bank of America [(BAC)](https://money.cnn.com/quote/quote.html?symb=BAC&source=story_quote_link), Wells Fargo [(CBEAX)](https://money.cnn.com/quote/mutualfund/mutualfund.html?symb=CBEAX&source=story_quote_link), Citigroup [(C)](https://money.cnn.com/quote/quote.html?symb=C&source=story_quote_link) and Truist [(TFC)](https://money.cnn.com/quote/quote.html?symb=TFC&source=story_quote_link).

The Frankfurt-listed shares of First Republic Bank rose as much as 5% in in early trading on Friday after large U.S. banks injected $30 billion in deposits ...

banks injected [$30 billion](/business/finance/bank-lifelines-ease-global-financial-crisis-fears-2023-03-17/) in deposits into the beleaguered lender on Thursday. [(ZION.O)](https://www.reuters.com/companies/ZION.O) and Fifth Third [(FITB.O)](https://www.reuters.com/companies/FITB.O) were indicated up around 3%. Register for free to Reuters and know the full story [(CSGN.S)](https://www.reuters.com/companies/CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. [(FRC.N)](https://www.reuters.com/companies/FRC.N) rose as much as 5% in in early trading on Friday after large U.S. LONDON, March 17 (Reuters) - The Frankfurt-listed shares of First Republic Bank

US banking stocks were hit with a renewed sell-off on Friday as markets failed to take comfort from the rescue package arranged for First Republic Bank.

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The $30 billion in new wholesale deposits was not enough to keep First Republic's stock from plunging another 20%.

The benefits of the First Republic rescue are modest. On March 16, S&P cut First Republic Bank to junk by on the risk of outflows. The deposits will get a very low interest rate — in December, First Republic paid less than 1% interest on checking accounts. As The New York Times reported, “The bank’s large book of real estate loans [caused analysts to suggest] that First Republic didn’t have enough assets that it could liquidate easily.” JPMorgan CEO Jamie Dimon is — as he was in 2008 — at the center of a financial rescue. The Fed’s rate increases meant that wealthy First Republic customers were no longer “content to leave huge sums of money in bank accounts that earned no interest,” noted the Wall Street Journal. “Big banks received an influx of billions of deposits from midsize lenders including First Republic over the past week in the wake of the collapse of Silicon Valley Bank and Signature Bank. About 70% of its deposits are uninsured, above the median of 55% for medium-sized banks and the third highest in the group after Silicon Valley Bank (94%) and Signature Bank (90%), according to a Bank of America note. On March 16, First Republic said it borrowed “as much as $109 billion from the Fed one night within the past week”; that insured deposits have remained stable over the past week and that deposit outflows have “slowed considerably.” On March 12, the bank announced additional funding from the Fed and JPMorgan — bringing its “available liquidity” to $70 billion. The 11 banks will receive interest on their deposits and must keep the funds at First Republic for 120 days, the bank noted. In the last week, First Republic has also suffered from an outflow of deposits which went to the biggest banks — this rescue package funnels some of that outflow back to First Republic.

Shares fell 18% in after-market trading, after the bank said it would suspend its dividend. Is the banking sector facing a liquidity crisis? For the time being, ...

Adjusted earnings came in at $3.41 per share in the third quarter (Q3). [FedEx](/sg/shares/markets-shares/fedex-corp-FDX-US) raised its fiscal 2023 profit forecast yesterday evening after the US closing bell, citing progress on its cost-cutting plan. Last week, the survey showed a drop in total rig counts to 746 from 749 the previous week. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. This afternoon at 12.30pm, industrial production is expected to rise by 0.2% in February month-on-month (MoM). It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. Tech stocks benefitted the most, with the [Nasdaq](/sg/indices/markets-indices/us-tech-100) composite rising 2.5%. [Credit Suisse](/sg/shares/markets-shares/credit-suisse-group-CSGN-CH)'s announcement of a Swiss National Bank (SNB) emergency lifeline to up to CHF50 billion, large US banks injected $30 billion in deposits into First Republic Bank yesterday afternoon. Christine Lagarde couldn't say it more clearly: the ECB is not waning on its commitment to fighting inflation. US central bankers are continuing with their fight against inflation with a 25-basis point hike, which would bring the Fed's benchmark rate to a 4.75%-5% range. Banks have borrowed $164.8bn from Fed facilities in the week to 15 March. That said, data yesterday showed the US banks sought record amounts of emergency liquidity from the Federal Reserve (Fed) in recent days.

The Dow Jones Industrial Average fell Friday as investors remained skittish on First Republic and other banks amid the industry's crisis.

Shares of [Zions Bancorp](https://www.cnbc.com/quotes/ZION/) and [KeyCorp](https://www.cnbc.com/quotes/KEY/), which are among the regional banks facing a rough week, fell more than 2%. [Nvidia](https://www.cnbc.com/quotes/NVDA/) – The chip stock gained more than 2% before the bell following [an upgrade to overweight](https://www.cnbc.com/2023/03/17/morgan-stanley-upgrades-nvda-cites-ai-tailwinds.html) by Morgan Stanley. Shares of [United Parcel Service](https://www.cnbc.com/quotes/UPS/) popped 2% in sympathy. [FedEx](https://www.cnbc.com/quotes/FDX/) — The package-shipping company's shares were up 9% after it reported [a beat on earnings in its fiscal third quarter](https://www.cnbc.com/2023/03/16/fedex-fdx-earnings-q3-2023.html) and raised its earnings forecast for the full year. [Credit Suisse](/quotes/CS/)'s U.S. [Credit Suisse](https://www.cnbc.com/quotes/CS/) — The Swiss bank's U.S.-traded shares were down almost 7% during premarket trading. banks struck a deal to rescue First Republic by pledging [$30 billion in deposits](https://www.cnbc.com/2023/03/16/group-of-financial-institutions-in-talks-to-deposit-about-20-billion-in-first-republic-sources-say.html). Shares of [Zions Bancorp](/quotes/ZION/) lost about 5%, while the [SPDR S&P Regional Banking ETF (KRE)](/quotes/KRE/) slumped 3.3%. [Warner Bros Discovery](/quotes/WBD/) — The media company gained 2% after [Wells Fargo upgraded the stock](https://www.cnbc.com/2023/03/17/wells-fargo-upgrades-warner-bros-discovery.html) to overweight from equal weight. [First Republic](/quotes/FRC/). Bancorp](/quotes/USB/) lost 2%. The [S&P 500](/quotes/.SPX/) slid 1%, while the [Nasdaq Composite](/quotes/.IXIC/) was down 0.6%.

Global market update: SGX Nifty today opened upside, which signals gap up opening on Dalal Street, say experts.

Rescue package from JPMorgan and 10 other banks fails to arrest falling stock price.

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FIRST Republic Bank shares tumbled again on Friday (Mar 17), set for their worst week ever, as sentiment around the lender remained fragile even after ...

Determined to get a deal done that night, the banking executives pledged money to bail out the country's banking system. It turns out, that created a template ...

Eleven big banks are offering a lifeline to First Republic Bank, a smaller lender that's been under pressure since Silicon Valley Bank collapsed a week ago.

This text may not be in its final form and may be updated or revised in the future. And that Janney analyst, Tim Coffey, says a lot of this fear is being driven by emotion, not by data. There is widespread worry that regardless of a bank's profile, how healthy its balance sheet is, another bank could suffer a similar implosion. are stepping in to save First Republic Bank First Republic is facing potential losses because of that. The majority of the portfolio is single-family residential mortgage loans. Driving this, Steve, was worry that first Republic could find itself in the same boat as those two failed lenders, that it could also face a bank run. And that money is going to replenish those coffers that have been emptied out over the last week. Tim Coffey is a bank analyst with the brokerage Janney. And effectively what they're doing here is opening up a bank account or bank accounts at First Republic, and they're putting their money in, just like you might or I might, Steve, except it's $30 billion. GURA: First Republic Bank has been caught up in that. So other banks passed the hat, and it's a fairly large hat - $30 billion.

The losses come even after 11 other banks pledged to deposit $30 billion in First Republic for at least 120 days in a coordinated rescue attempt.

The limited information provided implies that the balance sheet has increased substantially, which may well necessitate a capital raise," analyst John Heagerty wrote. [SPDR S&P Regional Banking ETF](/quotes/KRE/) (KRE) — which dropped 6.0%. Atlantic Equities downgraded First Republic to neutral, noting the bank may need an additional $5 billion in capital. - Atlantic Equities downgraded First Republic to neutral, noting the bank may need an additional $5 billion in capital. There were concerns that Thursday's deposit infusion may still not be enough to shore up First Republic in the future. - There were concerns that the infusion may not be enough to shore up First Republic going forward.

First Republic Bank is in talks to raise money from other banks or private equity firms by issuing new shares, the New York Times reported on Friday, ...

lenders over the past week. [injected $30 billion](/business/finance/credit-suisse-borrow-up-54-bln-it-seeks-calm-investor-fears-2023-03-16/) in deposits into First Republic on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size U.S. March 17 (Reuters) - First Republic Bank