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☆ The race for ever-cooler workplaces is leaving employees the winners
▼ + stars: | 2024-04-10 | by ( Tim Paradis | ) www.businessinsider.com time to read: +6 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementKat Hunt never wanted to work from home. Hunt, whose job is in finance in Portland, Oregon, needed a place for some team members to gather in New York City. Hunt wanted a spot that wasn't your typical WeWork or similar. Courtesy Kat Hunt and Radious"I was allowed to work from home, but I never wanted to," Hunt said.

Persons: —, Kat Hunt, Hunt, Radious, Amina Moreau, Moreau, Combinator, Ryan Masiello, That's, Googlers, Clelia Warburg Peters, It's Organizations: Google, JPMorgan, Service, Earth Finance, San, Francisco's Pier, Ventures Locations: luxe, Portland , Oregon, New York City, Portland, Brooklyn, San Francisco, Portland , Milwaukee, San Francisco Bay, New York, Mountain View , California, Francisco's

☆ Why private equity has been involved in every recent bank deal
▼ + stars: | 2024-03-06 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Greg Nash | ReutersThe $1 billion-plus injection that New York Community Bank announced Wednesday is the latest example of private equity players coming to the need of a wounded American lender. Led by $450 million from ex-Treasury Secretary Steven Mnuchin's Liberty Strategic Capital, a group of private investors are plowing fresh funds into NYCB. That happened to Silicon Valley Bank, whose failure to raise funding last year was effectively its death knell. On Wednesday, headlines around noon that NYCB was seeking capital sent its shares down by 42% before trading was halted. "With private deals, you can talk for a while, and we almost got to the finish line before there was any publicity."

Persons: Jerome Powell, Steven Mnuchin, Greg Nash, Steven Mnuchin's, Warburg Pincus, HomeStreet, Steven Kelly, NYCB Organizations: Financial, Treasury, Reuters, York Community Bank, Strategic Capital, Centerbridge Partners, FirstSun, Wellington Management, Yale Program, Silicon Valley Bank Locations: Rayburn, Washington , U.S, NYCB, PacWest, Banc, California, it's, Silicon

☆ Millennials have been priced out of buying homes, and are venting that they can't afford rent either
▼ + stars: | 2024-02-22 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +5 min

Read previewFirst millennials were priced out of buying homes, and now they can't even afford their rent. In another recent video, Ora Hardesty tearfully said that for the first time ever she wouldn't be able to afford rent. "I don't have a lot of lavish things, I don't go on vacations, and I don't spend a lot." Rents are higher than ever, and millions of millennials are spending the majority of their paychecks on their housing. AdvertisementAccording to real-estate experts, millennials are in a perfect storm, tackling a slew of financial woes at once.

Persons: —, Kaitlin Murray, she'd, it's, Ora Hardesty, Alana Lindsay, Coldwell Banker Warburg, Omer Reiner, Rashi Malhotra, Lee Davenport, Whoopi, Whoopi Goldberg Organizations: Service, Business, Coldwell Banker, BI Locations: Boston, New York, Savannah , Georgia, United States

☆ Meet the Man Behind Litquidity, the Anonymous Instagram Account Dominating Wall Street
▼ + stars: | 2024-02-07 | by ( Reed Alexander | Hayley Cuccinello | ) www.businessinsider.com time to read: +26 min

The deck kicked off a game of one-upmanship among Wall Street banks trying to keep their employees happy. Lit capitalized on poking fun at Wall Street culture, selling $35 dad hats that read, "Do You Know Who My Father Is?" There have, of course, been endless rumors about Lit's identity, especially among Wall Street underlings. Wall Street underlings have speculated about Litquidity's identity for years. Basak, one attendee said, wanted to take a "wrecking ball through it all" and hold Wall Street heavy hitters accountable.

Persons: Goldman Sachs, I've, David Solomon, Litquidity, Goldman, Solomon, Evercore, Michael Kovac, Lit, Warburg Pincus, Jamie Dimon, Jamie Dimon's, Banksy, Bennett Jordan, who've, Lit's, — Mark Moran, —, Jefferies, Richard Handler, Spencer Platt, Isaac Laifer, Laifer, Handler, We'd, Henry, Hank, Medina, He's, he's, Jefferies Medina, Bart P, Fuchs, Karl Smith, Mark Moran, Moran, Bloomberg he'd, Zack DeZon, Getty Images Moran, Brian Hanly, Hanly, Sonali Basak, Angela Weiss, cryptocurrency, we'll, Mark, Medina's, weren't, CoinFLEX, Litquidity doesn't, Dave Portnoy, wasn't, Medina Ayden Syal, Kyle Zappitell, Zappitell, he'd, hasn't, Bennett Jordan —, Craig Sjodin, Litney, Paul Argenti, Wall Organizations: Goldman, New York Times, CNBC, Business, Bloomberg, Metropolitan Club of New, Nomura, Citigroup, Financial Times, Litney Partners, Whitney Partners, BI, ESPN, Litquidity, Centerview Partners, New York, Getty, Bain Capital, Litquidity Venture Partners, SEC, Cornell University, Wexford Capital —, Deutsche Bank, Deutsche, CFA, Getty Images, Bullish, Vice, Wall Street, Litquidity's, Manhattan's Rue, Fox Business, Litquidity Ventures, Coatue Management, SAFE, Soho House, Dartmouth University Locations: New York, Tribeca, Metropolitan Club of New York, Instagram, San Francisco, Medina, New York City, Miami, NoHo, Chad, Connecticut, Litquidity, Linktree, Soho

☆ Dan Loeb's Third Point sold chip stocks last quarter. Here's where his money went instead
▼ + stars: | 2023-11-15 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Dan Loeb's Third Point hedge fund took profits on a handful of chip stocks in the third quarter, instead buying into other, marquee technology names, regulatory fillings show. While contending with these challenges in the third quarter, the billionaire fund manager sold of his holdings in the three chip stocks. Those gains have come amid the artificial intelligence boom that has driven up chip makers and other stocks tied to the technology. In the same vein, Loeb raised the size of his Microsoft stake by 46% in the third quarter. In addition to the chip makers, Leob also sold out his entire stakes in HCA Healthcare and Black Knight , among others.

Persons: Dan Loeb's, Loeb, Warburg Pincus, Leob, Black Knight Organizations: Devices, Micron Technology, Nvidia, Securities and Exchange, VanEck Semiconductor, Nasdaq, Meta, Microsoft, Xbox, Intercontinental Exchange, Jacobs Solutions, Warburg, Jefferies, Citigroup, Taiwan Semiconductor, DuPont de Nemours, Healthcare, Black Locations: New York, Meta, California

☆ We're continuing to look for more opportunities in Vietnam, says Warburg Pincus CEO
▼ + stars: | 2023-11-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're continuing to look for more opportunities in Vietnam, says Warburg Pincus CEOChip Kaye, CEO of Warburg Pincus, discusses Vietnam's attractive qualities, including its "reasonably stable macroeconomic framework over the last 10 years."

Persons: Warburg Pincus, Chip Kaye Locations: Vietnam

☆ I entered a bidding war to land an apartment. It was way more brutal than I expected.
▼ + stars: | 2023-10-11 | by ( James Rodriguez | ) www.businessinsider.com time to read: +16 min

Yet one of the enduring legacies of the COVID-era housing market may be the proliferation of bidding wars for rentals. Bidding wars have periodically reared their ugly heads during overheated stretches in New York City's housing market. And while things have cooled down since the mania of 2022, in places where available rental inventory remains low, the bidding wars just won't die. Still, it's hard not to worry that we've opened Pandora's box when it comes to bidding wars. Bidding wars may feel distasteful, embarrassing, and unfairly favor those with the means to drive up already exorbitant asking rents.

Persons: Phil, Rikki Mueller, That's, I've, David Harris, Coldwell Banker Warburg, Harris, didn't, Frances Katzen, Douglas Elliman, Jonathan Miller, Miller, Mueller, Stan Broekhoven, Broekhoven, we've, we'd, he'd, They'd, wasn't, —, James Rodriguez Organizations: New, Coldwell Banker, Austin, Google Locations: Manhattan's East, homebuying, New York, Chicago, Boston, Austin, Brooklyn, New York City, California, Los Angeles, South Florida, , New York, Salt Lake City, Las Vegas, Manhattan, David Harris , New York City

☆ Bidding wars over apartments are more ferocious than ever — and they're here to stay
▼ + stars: | 2023-10-11 | by ( James Rodriguez | ) www.businessinsider.com time to read: +16 min

☆ Warburg Pincus to invest in Everise, valuing US healthcare outsourcing company at $1bln
▼ + stars: | 2023-10-03 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

"We have continued to see strong underlying demand for quality customer experience, driven by an increasing outsourcing trend across the global healthcare industry," Warburg Pincus' Mumbai-based managing director Viraj Sawhney said in the statement. Warburg Pincus has invested in the healthcare sector for over five decades and counts Ensemble Health Partners, which offers revenue cycle management for healthcare firms, and U.S consumer healthcare navigation company Quantum Health among its portfolio companies, according to the statement. The entry of Warburg Pincus into Everise will see Singapore-headquartered private equity firm Everstone Group exiting the company, according to the statement, which said the transaction is expected to close by the end of this year. Founded in 2016, Everise has over 19,000 employees in eight markets from Singapore to India, according to its website. Brookfield, with some $850 billion in assets under management, agreed to buy into Everise from Everstone in 2020.

Persons: Warburg Pincus, Everise, Viraj Sawhney, Yantoultra Ngui, Kane Wu, Catherine Evans, Emelia Organizations: Health Partners, Quantum Health, Everstone Group, Brookfield, Thomson Locations: SINGAPORE, Everise, U.S, Brookfield, Mumbai, Singapore, India, Everstone

☆ Prominent German banker on trial in giant tax fraud scheme
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Christian Olearius, former CEO of Warburg Bank looks on as he arrives for Cum-Ex tax fraud trial, at a regional court, in Bonn, Germany, September 18, 2023. REUTERS/Wolfgang Rattay Acquire Licensing RightsBONN, Sept 18 (Reuters) - A top German banker went on trial on Monday accused of playing a role in a multibillion-euro German tax fraud scheme that has ensnared scores of domestic and global banks and hundreds of individuals. The trial that began on Monday in Bonn involves Christian Olearius, the 81-year-old former CEO and chair of the Hamburg-based bank M.M. Prosecutor Stephanie Kerkering told the court that Olearius had conspired with others inside and outside Warburg to engage in the transactions. Earlier this year, a tax lawyer alleged to have masterminded the fraud received a second eight-year jail sentence, the longest to date.

Persons: Olearius, Wolfgang Rattay, Christian Olearius, M.M . Warburg, Stephanie Kerkering, Warburg, Olaf Scholz, Matthias Inverardi, Tom Sims, Friederike Heine, Bernadette Baum Organizations: Warburg Bank, REUTERS, Rights, M.M, Warburg, Thomson Locations: Bonn, Germany, Rights BONN, German, Hamburg, M.M ., Warburg

Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. The MBA forecast sees rates falling more aggressively, predicting that 30-year mortgage rates will drop to 5% by the end of 2024. This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac. Mortgage rates in 2024: FAQsWhat will mortgage rates do in 2024? Once the Federal Reserve stops hiking rates and inflation slows, all consumer interest rates, including mortgage rates, will likely start going down in 2024.

Persons: homebuyers, what's, Afifa Saburi, Fannie Mae's, Freddie Mac, Lawrence Yun, that's, Karen Kostiw, Coldwell Banker Warburg, refinance, Saburi Organizations: Service, Federal Reserve, Bureau of Labor Statistics, Veterans United, Loans, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Coldwell Banker, Mortgage, Association Locations: Wall, Silicon, New York City, Chevron

☆ How a single hard-charging CEO helped the US dollar take over the world
▼ + stars: | 2023-09-12 | by ( Henry Farrell | Abraham Newman | ) www.businessinsider.com time to read: +14 min

Wriston's financial innovations helped create the modern Eurodollar market — a vast offshore realm of financial transactions in US dollars happening outside of US borders. As he explained in 1979, the "current banking network, with its Euromarkets and its automated payments system" seemed dull and technical, but it had immense political consequences. Wriston helped rebuild this clanking machine into an engine of transformation, welding disjointed national markets into a true world economy. It began to develop a new kind of sanction, which used its control of "dollar clearing" to force international banks to implement US policy outside its borders. Instead of the stateless, government-less world that Wriston envisioned, the internationalization of the US dollar became the precedent for a massive transformation of America's financial power.

Persons: Walter Wriston, Wriston, Friedrich Hayek's, Banks, Eric Sepkes, Eric Helleiner, Henry Holt, Helleiner, Henry Farrell, Johns Hopkins SAIS, Friedrich Schiedel, Abraham Newman Organizations: Citibank, Staff, of, Technology, Bankers, JPMorgan, Warburg, Federal Reserve, buccaneers, US Department of, Treasury, SWIFT, Society, Worldwide Interbank, Johns Hopkins, Politics, The Washington Post, School of Foreign Service, Government Department, Georgetown University, Henry Holt and Company Locations: London, of London, Europe, Argentina, New York, United States, Eurodollars, Italy, Japan, Soviet Union, America, Iran, Russia, Ukraine

Competition for buy-side jobs, including at private equity firms and hedge funds, can be fierce. Insider identified the 13 recruiting firms aspiring dealmakers and traders should know for a buy-side job. The buy-side hiring spree is expected to continue despite a slowdown in mergers and acquisitions — a cornerstone of private equity investing. BellCast Partners works with mega funds, middle market funds, infrastructure funds, impact funds, real estate private equity funds, sector-focused funds, sovereign wealth funds, family offices, and credit funds. Today it does searches in private equity, growth equity, distressed, credit, venture capital, hedge funds, family offices, and select investment banks.

Persons: headhunting, Brain O'Callaghan, John Arbolino, Arbolino, Amity, Pamela Esterson, Susanna Nichols, Nichols, Esterson, Danielle Caston Strazzini, Alison Bellino Johnson, BellCast, Caston Strazzini, Jill Pierce, Spencer Stuart, Pierce, —, Brian O'Callaghan, it's, Renee Hylton, Keith Mann, Josh Grauer, Grauer, Mann, Adam Zoia, Annette Krassner, Katie Cunningham, Sarah Armstrong, Cunningham, Armstrong, Anna Brady, Janelle Matthews, Beth Grossman, Brady, they've, Morgan Stanley Eleni Henkel, Henkel, Leah Trabich, HSP, Carlyle, Warburg Pincus, Adam Kahn, Kahn, Anthony Keizner, Keizner, Nina Swift, Marty Brady, Vedica Qalbani, Qalbani, Lindsey Mead, Jessica Wu, Michael Garmisa, SearchOne, Sheri Gellman, Gellman Organizations: Citadel, nab, Boothroyd, Co, Wall, Amity Search Partners, Palm Beach Staff, SG Partners, Bain Capital, Centerbridge Partners, Trian Partners, BellCast, Charlotte Staff, CPI, BellCast Partners, Investor Relations, Nashville, San Francisco, Wharton, Harvard, Stanford, New York Staff, Partners, San Francisco Staff, Los Angeles Staff, TPG, Thoma Bravo, Bessemer Venture Partners, EQT, Elliott, Equity, KKR, ICONIQ, Spectrum Equity, Henkel Search, Search Partners, New York, Oxbridge, Nashville Staff, Time Warner, Indiana University, SG Locations: New York, San Francisco, Austin, San Diego, Chicago, Los Angeles , New York, Phoenix, West Coast, Los Angeles, NYC, California, United States, Boston, Dallas, Atlanta, Columbia, Latin America, Asia, Europe, San Francisco , New York, Bay, Gold, Los Angeles , Greenwich, Nashville, Amity, South Florida

We talked to real estate pros to get their insight on whether now is the time to sell your house. If you're waiting for mortgage rates to fall before you sell, you're playing a potentially risky game. Should I sell now frequently asked questionsShould I sell my house now or wait until 2024? If you wait until 2024 to sell your house, it's possible that mortgage rates will be lower. Should you sell house when the market is high?

Persons: they're, Rachel King, Alec Cantley, Cantley, Mary Hall Mayer, Coldwell Banker Warburg, Mayer, you'll, they'll, Fannie Mae, it's Organizations: Service, Premier Sotheby's, Coldwell Banker Locations: Wall, Silicon, New York City, Asheville , North Carolina, Chevron

☆ Meet Russell Horwitz, the ex-Goldman partner who is stepping in as David Solomon's chief of staff at a vulnerable time for the CEO
▼ + stars: | 2023-08-08 | by ( Dakin Campbell | Kaja Whitehouse | ) www.businessinsider.com time to read: +7 min

Russell Horwitz has been named David Solomon's new chief of staff at a difficult time for the CEO. Russell Horwitz, a partner and former chief of staff to CEO Lloyd Blankfein, is returning to the firm after roughly two years away. Another, Jake Siewert, left Goldman for Warburg Pincus in June 2021. Horwitz left soon after. He has Washington experienceLike Rogers, Horwitz also has a past working in Washington DC.

Persons: Russell Horwitz, David Solomon's, Horwitz, Goldman, John F, Rogers, Goldman Sachs, Lloyd Blankfein, David Solomon, John Rogers, Jon Corzine, Ronald Reagan, Gerald Ford, Joshua Roberts, Solomon, John Waldron, Fiona Carter, Carter, Dina Powell McCormick, Gregg Lemkau, Byron Trott, Jake Siewert, Warburg Pincus, Blankfein, He's, Ken Griffin, John, David, Pablo Salame, Umesh Subramanian, Arthur Levitt Organizations: Goldman, The New York Times, Reuters, BDT, MSD Partners, Miami . Partners, Citadel, Citadel Horwitz, Washington DC, Securities and Exchange Commission, Clinton Locations: Miami, Citadel's, Washington

☆ Global investors skip Ant’s buyback after valuation slumps 70% - Bloomberg News
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

A sign of Antchain, the blockchain technology branch under Ant Group, is seen at Ant Group's booth during the World Artificial Intelligence Conference (WAIC) in Shanghai, China, July 8, 2021. REUTERS/Yilei Sun/File PhotoAug 7 (Reuters) - A number of global investors are opting out of Ant Group's (688688.SS) proposed share buyback after the Chinese fintech's valuation was slashed by more than 70%, Bloomberg News reported on Monday. However, a few money managers, including Fidelity Investments and T. Rowe Price Group, have agreed to sell their shares, the report added. In July, Ant Group announced a surprise share buyback of up to 7.6% of its equity interest at a price that represents a group valuation of about 567.1 billion yuan ($78.68 billion). Ant Group, Warburg Pincus, GIC, Fidelity Investments and T. Rowe Price Group did not immediately respond to Reuters' request for comment.

Persons: Ant Group's, Warburg Pincus, Rowe Price, Nilutpal, Varun Organizations: Ant, Artificial Intelligence, REUTERS, Yilei, Bloomberg, Plan Investment, Carlyle Group, Fidelity Investments, Rowe Price Group, Ant Group, GIC, Reuters, Thomson Locations: Shanghai, China, Canada, Bengaluru

☆ Vodka Vaults and Human Centerpieces: Real-Estate Pros Dish on Over-the-Top Open Houses
▼ + stars: | 2023-08-03 | by ( Robyn A. Friedman | ) www.wsj.com time to read: +1 min

So, we decided to throw what we called a “vodka vault party” to encourage people to sample vodka on the terraces. We hired a fabulous bartender and offered the guests vodka tastings from brands such as Anestasia, Barr Hill and Purity. We also hired a DJ, and by the end of the evening, everyone was dancing in their faux fur. The penthouses sold a few months later. One sold in August 2016 for $1.625 million, and the other in September 2016 for $2.999 million.

Persons: Samantha Rose Frith, Coldwell Banker Warburg, Joel Moss, Barr Organizations: Coldwell Banker Locations: New York City, Chelsea

It will be based in Los Angeles and led by Banc of California CEO Jared Wolff. Shares of PacWest surged 34% after the market close, while Banc of California jumped 9%. PacWest stockholders will receive 0.6569 Banc of California shares for each PacWest share they currently own. Meanwhile, the two private equity firms will be issued new Banc of California stock worth $400 million at a price of $12.30 per share. PacWest had total assets of $44 billion at the end of March, while Banc of California had assets of $10 billion, according to separate company filings.

Persons: Warburg Pincus, Centerbridge, Jared Wolff, PacWest, Timothy Coffey, Janney Montgomery Scott, Janet Yellen, Ares Management, Wolff, We've, David Smith, Nomura, Niket, Nupur Anand, David French, Pete Schroeder, Tatiana Bautzer, Megan Davies, Lananh Nguyen, Arun Koyyur, Jonathan Oatis, Sonali Paul Organizations: PacWest Bancorp, Warburg, Centerbridge Partners, midsize, RARE, Bank, Pacific Western Bank, Federal Deposit Insurance Corporation, Autonomous Research, U.S, Thomson Locations: Banc, California, Los Angeles, U.S, Bengaluru, New York

☆ Banc of California and PacWest Bancorp will merge into a new bank holding $36 billion in assets
▼ + stars: | 2023-07-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Banc of California and PacWest Bancorp shares surged after announcing an all-stock merger. The new bank will have $36 billion in assets and $30.5 billion in total deposits. Banc of California shares jumped 8.4% to $15.85 apiece in after-hours trade, extending gains from an 11% rise on Tuesday. The all-stock deal will result in a new bank with $36 billion in combined assets, Banc of California and PacWest announced on Tuesday. It will have $25.3 billion in total loans and $30.5 billion in total deposits.

Persons: PacWest, Jared Wolff, Warburg Pincus, Wolff, We've, Timothy Coffey, Janney Montgomery Scott Organizations: PacWest Bancorp, Morning, Warburg, Centerbridge, Reuters, Silicon Valley Bank, Signature Bank, JPMorgan, First Republic Bank, First Citizens Bank, New York Community Bancorp Locations: California, Banc, Silicon, Signature Bank , New York

☆ Stocks making the biggest midday moves: Microsoft, Alphabet, Boeing and more
▼ + stars: | 2023-07-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Microsoft — The Xbox owner saw its shares slide 3.7% after issuing quarterly revenue guidance that fell short of analysts' expectations. Microsoft did report earnings and revenue that beat Street estimates for the calendar second quarter, however. Alphabet — Shares of the Google parent rose 5.8% after Alphabet beat analysts' revenue and profit in the second quarter. Boeing's revenue of $19.75 billion topped analysts' estimates of $18.45 billion, according to Refinitiv. The company also reported an 82-cent-loss per share, while Refinitiv analysts had estimated a loss of 88 cents per share.

Persons: Refinitiv, Morgan Stanley, Lauren Schenk, Chubb, Spotify's, selloff, PacWest, Warburg Pincus Organizations: Microsoft, YouTube, Boeing, Texas, Texas Instruments, FactSet, Visa, Spotify, Deutsche Bank, Warburg, Centerbridge Locations: Banc, California

July 26 (Reuters) - PacWest Bancorp's (PACW.O) shares rose nearly 38% in premarket trading on Wednesday, a day after smaller rival Banc of California (BANC.N) agreed to buy the lender for $1.1 billion in an all-stock deal. Banc of California's shares jumped nearly 13% after the lender said it would pay 0.6569 share to PacWest stockholders for each share they own. PacWest stock was trading at $10.47, higher than the offer price of $9.60 per share, per calculations based on Banc of California's closing price on Tuesday. "The deal marks a structural transformation for BANC and accelerates its evolution, with a much improved profitability profile exiting 2024." Private equity firms Warburg Pincus and Centerbridge Partners have agreed to invest $400 million in Banc of California's buyout deal.

Persons: Raymond James, David Long, Long, Ares Management, PacWest, Omar Fahmy, Fahmy, Warburg Pincus, Niket Nishant, Manya, Shinjini Organizations: Reuters, PNC, Western Alliance, Warburg, Centerbridge Partners, Manya Saini, Thomson Locations: California, Banc, U.S, Los Angeles , California, Bengaluru

☆ JPMorgan to buy almost $2 bln of mortgages in the PacWest deal - source
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - JPMorgan Chase & Co (JPM.N) will buy almost $2 billion worth of mortgages to facilitate Banc of California's (BANC.N) purchase of PacWest Bancorp (PACW.O), a source with knowledge of the matter told Reuters. The investment bank has entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, the source said. Banc of California had entered into a "contingent forward asset sale agreement" for its residential mortgage portfolio, the lender said in a presentation on Tuesday, without naming the buyer. The source said the mortgage transaction will also close at the same time. The mortgage purchase was earlier reported by Bloomberg News.

Persons: Warburg Pincus, PacWest, Jaiveer Singh, Nupur Anand, Arun Koyyur Organizations: JPMorgan Chase &, PacWest Bancorp, Reuters, Centerbridge Partners, Bank, Bloomberg News, Thomson Locations: Banc, California, PacWest, Bengaluru, New York

☆ PacWest merges with Banc of California in all-stock deal
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: 1 min

July 25 (Reuters) - Banc of California (BANC.N) and PacWest Bancorp (PACW.O) on Tuesday announced an all-stock merger with a $400 million equity raise from Warburg Pincus and Centerbridge Partners. Reporting by Niket Nishant in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Warburg Pincus, Niket, Arun Koyyur Organizations: PacWest Bancorp, Tuesday, Centerbridge Partners, Thomson Locations: California, Bengaluru

☆ PacWest Bank, Thrashed by Deposit Crisis, Will Be Taken Over
▼ + stars: | 2023-07-25 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

PacWest Bank, which never fully recovered from its hammering during this year’s banking crisis, will be absorbed by a smaller lender, Banc of California, the banks announced on Tuesday. The development was a humbling end for the 24-year-old PacWest, a once fast-growing Los Angeles bank whose clients fled amid turmoil for regional lenders this year. The PacWest name will be retired, and the combined banks will operate under the Banc of California name. Jared Wolff, the chief executive of Banc of California, will run the new entity. In an indication of how weakened PacWest has become, the combined bank will have just $30.5 billion in deposits — considerably less than the $34 billion that PacWest had at the start of the year.

Persons: Jared Wolff, PacWest, Warburg Pincus Organizations: PacWest Bank Locations: Banc, California, Los Angeles

☆ Banc of California in talks to buy PacWest Bancorp - WSJ
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Banc of California (BANC.N) is in advanced talks to buy PacWest Bancorp (PACW.O) and a deal could be announced as soon as Tuesday, the Wall Street Journal reported, citing people familiar with the matter. Shares of PacWest were down 27%, while Banc of California gained 10% in afternoon trading. PacWest has been signing deals to shed some assets and strengthen its balance sheet. PacWest had a market capitalization of $1.24 billion as of Monday, almost 63% higher than that of Banc of California, according to Refinitiv data. Private equity firms Centerbridge and Warburg Pincus are planning to contribute equity to help fund Banc of California's acquisition of PacWest, the Journal report said.

Persons: Janet Yellen, PacWest, Ares Management, Warburg Pincus, Niket, Arun Koyyur Organizations: PacWest Bancorp, Wall Street Journal, midsize, PacWest, Thomson Locations: California, Banc, Bengaluru

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