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☆ Let's set the table for the second half by reflecting on this year's hated bull market
▼ + stars: | 2023-07-02 | by ( Jim Cramer | ) www.cnbc.com time to read: +18 min

You don't get the best first-half Nasdaq rally in 40 years simply because the Federal Reserve did this, or the yield curve in the bond market did that. It was almost as if it was prosaic to seek profits, like, "How dare you defy the teachings of the yield curve, you foolish soon-to-be- broke apostate." It was the second move, the second week of March, that told the second tale of the first half: the fall of Silicon Valley Bank. Here we had an out-of-nowhere collapse of a well-known seemingly well-run bank that ran afoul, again, of the yield curve. No company could rival Club stocks Apple (AAPL), Alphabet (GOOGL), Amazon (AMZN), Microsoft and Meta Platforms (META) — nice metamorphous there and Tesla , not a Club name.

Persons: William Jennings Bryan, Gandhi, Bud, Altman, Sam Altman, Jensen Huang, Jensen, mutt, Cezanne, Monet, Shakespeare's Henry IV, Carl Quintanilla, David Faber, da, Lisa's, Wendy's, Scylla, Charybdis, ChatGPT, haut, Morgan Stanley's Mike Wilson, aren't, They've, isn't, Goldman Sachs, Tesla, Didn't, Freddie, Lehman, Jerome Powell, We've, it's, Eli Lilly, Jim Cramer's, Jim Cramer, Jim, Mad Organizations: Nasdaq, Federal Reserve, Intel, The New York Times, Veterans, Club, Microsoft, Nvidia, Globe Theatre, Silicon Valley Bank, Fed, Apple, Meta, RCA, US Steel, Washington Mutual, AIG, IBM, Jim Cramer's Charitable, CNBC, NYSE Locations: America, Philadelphia, OpenAI, Oz, Queens, mull, Ithaca, Weimar, Silicon, Republic, Valley, Delray , Florida, Alleghany, China

☆ Wimbledon 2023: The favorites to win the championships, the main challengers and how to watch
▼ + stars: | 2023-07-02 | by ( Matias Grez | ) edition.cnn.com time to read: +6 min

Despite struggling for form in the lead up to the French Open, Djokovic found his A-game when it mattered most in Paris and looked largely unstoppable. Lisi Niesner/ReutersRybakina became the first player from Kazakhstan to win a grand slam title after beating Ons Jabeur in three sets in last year’s Wimbledon final, catapulting her to stardom overnight. Belarussian Sabalenka and Poland’s Iga Świątek are joint favorites to win the title alongside Rybakina, according to bookmakers. Sabalenka has three titles to her name this year, including that maiden grand slam in Australia, and has matched her career-high of No. Iga Swiatek is a four-time grand slam champion but is yet to win Wimbledon.

Persons: Novak, Roger Federer’s, –, Björn Borg –, Djokovic, Spain’s Carlos Alcaraz, Garros, Carlos Alcaraz, Susan Mullane, Reuters Alcaraz, Alcaraz, – Daniil Medvedev, Stefanos Tsitsipas, Casper Ruud, Holger Rune, Frances Tiafoe, Julian Finney, Francis Tiafoe, Chile’s Nicolas Jarry, Elena Rybakina, Donna Vekić, hadn’t, Kazakhstan's Elena Rybakina, Linda Noskova, Lisi Niesner, Reuters Rybakina, Belarussian, Iga, Rybakina, Sabalenka, Aryna Sabalenka, agains Karolina Muchova, Veronika Kudermetova, Świątek, Tatjana Mariana, hasn’t, Joaquim Ferreira, Coco Gauff, Ekaterina Alexandrova, Madison Keys Organizations: CNN — Tennis, All England Club, Wimbledon, Roland, Queen's, USA, Sports, Reuters, Queen’s, Getty, Stuttgart, Eastbourne International, Czech, Stade Roland, Bad, Junior Wimbledon, Bernarda Pera, BBC, ESPN, Tennis Channel Locations: London, Paris, Germany, Wimbledon, Kazakhstan, Australia, United Kingdom

☆ Two-time champion Kvitova warms up for Wimbledon with German Open title
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +2 min

The 33-year-old Czech, who also beat Vekic en route to victory at the Miami Open this year, earned her 31st career title. The left-hander looked completely at ease on the surface as she captured her sixth title on grass, more than any other active WTA player, in a warning to her rivals ahead of Wimbledon. "I love grass, I love you," Kvitova told a thinning crowd at the Steffi Graf stadium. Kvitova found herself a break down early in the second set but battled back from 5-3 and moved 6-5 up with an ace. Vekic, who has shot up the rankings from 69th to 23rd this season following an Australian Open quarter-final spot and a title in Monterrey, forced a tiebreak.

Persons: Petra Kvitova, Croatia's Donna Vekic, Lisi Niesner BERLIN, Donna Vekic, Kvitova, Steffi Graf, Donna, Vekic, Karolos, Christian Radnedge, Hugh Lawson Organizations: Tennis Club, Wimbledon, Miami, Eastbourne, Croat, Thomson Locations: Berlin, Germany, Czech, Croatia, London, Wimbledon, Monterrey

In the video, a Central African Republic rebel fighter says "the French want to drive Wagner out of Africa". Russia and Wagner have a track record of media manipulation and disinformation, which Wagner founder Yevgeny Prigozhin has admitted to. The European Union sanctioned Wagner in February for alleged rights abuses and spreading disinformation, including in Africa. The foreign ministry unit doesn’t promote or generate fake news, the two diplomats said. However, the foreign ministry unit, and the broader strategy, will face an uphill battle to convince people in Africa that France has changed, seven analysts and diplomats said.

Persons: Ibrahim Traore, Vincent Bado, Wagner, Catherine Colonna, Yevgeny Prigozhin, Emmanuel Macron, Macron, Maria Zakharova, Meta, Anne, Sophie Ave, Lakhta, Prigozhin, Viginum, Faustin, Archange Touadera, “, Michael Shurkin, I'm, Jean Gaspard Ntoutoume Ayi, John Irish, Elizabeth Pineau, Bate Felix, Michel Rose, Frank Jack Daniel Our Organizations: REUTERS, Russia, Central, Facebook, Kremlin, Reuters, Quai D'Orsay, Vigilance, Protection, European Union, West, Central African, Twitter, Democratic, Internet Research Agency, Meta, Global, National Union, Gabonese, Thomson Locations: Burkina, French, Ouagadougou, Burkina Faso, Russia, PARIS, DAKAR, Central African Republic, France, Russian, Africa, Paris, France's, Ukraine, Moscow, Central, West Africa, Quai, Kinshasa, Mali, Sahel, Europe, Democratic Republic of the Congo, DRC, U.S, Togo, Libreville, Senegal, Ivory Coast, Dakar

☆ Moldova bans pro-Russian Shor party after months of protests
▼ + stars: | 2023-06-19 | by ( Alexander Tanas | ) www.reuters.com time to read: +3 min

[1/5] Marina Tauber, leader of the opposition pro-Russian political party Shor, delivers a speech during a hearing of the Constitutional Court in Chisinau, Moldova, June 19, 2023. REUTERS/Vladislav CuliomzaSummary Constitutional Court bans pro-Russian Shor partyShor lawmakers can remain in parliament as independentsPresident Maia Sandu welcomes court's decisionCHISINAU, June 19 (Reuters) - Moldova's Constitutional Court on Monday banned the pro-Russian Shor party that has led months of protests and is headed by an exiled businessman accused by the West and the government of trying to destabilise the country. Shor has denied the protests are part of a Russian threat or of attempts to destabilise Moldova. Parliamentary speaker Igor Grosu said the court's decision was "an important victory for Moldovan democracy". Opposition Socialist Party leader Igor Dodon said Sandu's governing Action and Solidarity Party had "officially become totalitarian, destroying opposition forces" and that it would eventually suffer the same fate as the Shor party.

Persons: Marina Tauber, Shor, Vladislav Culiomza, Maia Sandu, Ilan Shor, Nicolae Rosca, Sandu, Igor Grosu, Igor Dodon, Alexander Tanas, Anna Pruchnicka, Timothy Heritage, Mark Heinrich, Ed Osmond Organizations: Constitutional, REUTERS, West, European Union, EU, Moldovan, Opposition Socialist Party, Solidarity Party had, Thomson Locations: Russian, Chisinau, Moldova, CHISINAU, Israel, United States, Soviet, Russia, Moldova's, Transdniestria

☆ World number one Swiatek digs deep to beat Muchova and win French Open title
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: 1 min

[1/3] Tennis - French Open - Roland Garros, Paris, France - June 10, 2023 Poland's Iga Swiatek in action during her final match against Czech Republic's Karolina Muchova REUTERS/Lisi NiesnerPARIS, June 10 (Reuters) - World number one Iga Swiatek of Poland fought off a comeback from unseeded Czech Karolina Muchova to win 6-2 5-7 6-4 and clinch her third French Open women's title in the last four years on Saturday. The Pole, who had not dropped a set in the tournament, was 4-1 up in the second before Muchova won four games in a row and forced a decider. But the 22-year-old recovered in time to bag her fourth Grand Slam title after also lifting the U.S. Open trophy last year. Reporting by Karolos Grohmann; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

Persons: Roland Garros, Iga, Karolina Muchova, Lisi Niesner PARIS, Muchova, Karolos Grohmann, Ken Ferris Organizations: Czech, U.S, Thomson Locations: Paris, France, Poland

☆ Swiatek reigns supreme at French Open by quelling Muchova
▼ + stars: | 2023-06-10 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +5 min

"First of all congratulations to Karolina," said Swiatek, who became the first woman to successfully defend the Roland Garros women's singles title since Justine Henin in 2007. EMOTIONAL SCENESThat sparked emotional scenes on centre court as Swiatek shed tears of joy before joining her family in the crowd for a celebration. For Muchova, it was a first defeat against a player ranked in the top three in six meetings. Tournament director Amelie Mauresmo said of the Pole: "She's getting this special relationship with Roland Garros over the years. Reporting by Shrivathsa Sridhar and Karolos Grohmann in Paris; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

Persons: Roland Garros, Iga, Suzanne Lenglen, Karolina Muchova, Iga Swiatek, Swiatek, Monica Seles, Seles, Naomi Osaka, Karolina, Justine Henin, It's, Philippe Chatrier, Muchova, Swiatek shrugged, We've, Serena Williams, Arantxa Sanchez Vicario, Amelie Mauresmo, She's, Ivan Dodig, Austin Krajicek, Sander Gille, Joran, Shrivathsa Sridhar, Karolos, Ken Ferris Organizations: Czech, Karolina Muchova REUTERS, U.S, Thomson Locations: Paris, France, PARIS, Poland, Prague, Czech, Croatian, American

☆ Russian oil supplies to EU via southern Druzhba to rise 16% in June - sources
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +3 min

The southern branch of the Druzhba pipeline supplies Hungary, Slovakia and the Czech Republic. The EU imposed an embargo on Russian oil purchases via maritime routes from December. Hungary, Slovakia and Czech Repubic were, however, allowed to continue Russian oil imports as critical feedstock. Oil supplies via a section of the southern Druzhba pipeline were temporarily suspended in November following shelling on a power station which provides electricity for a pump station. The Druzhba pipeline crosses Belarus and Ukraine and remains an income source for both countries which receive transit fees.

Persons: Unipetrol, Poland's PKN, uninterruptedly, PKN Orlen, Emelia Sithole Organizations: European Union, EU, MOL, Reuters, Minsk, Thomson Locations: MOSCOW, Ukraine, Russian, Europe, Russia, Moscow, Hungary, Slovakia, Czech Republic, Druzhba, Czech, Belarus, Kiev, Adria, Ukrainian

☆ Muchova pummels Pavlyuchenkova to book French Open semi-final spot
▼ + stars: | 2023-06-06 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +2 min

"I don't know what to say, it's been an incredible two weeks and I'm glad I'm still in the competition," Muchova said. "I will for sure watch the match (between Sabalenka and Svitolina), I'm not sure if I will watch it live but I'm sure it will be another great match in two days." Muchova appeared more comfortable in the second set and built a commanding 5-1 lead before Pavlyuchenkova showed some signs of resistance. But there was no comeback on the cards as Muchova closed out the match on serve, celebrating the victory when Pavlyuchenkova fired a shot wide. Reporting by Shrivathsa Sridhar in Paris Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

Persons: Roland Garros, Karolina Muchova, Russia's Anastasia Pavlyuchenkova REUTERS, Kai Pfaffenbach PARIS, Anastasia Pavlyuchenkova, Elina Svitolina, it's, I'm, Muchova, Maria Sakkari, Philippe Chatrier, Pavlyuchenkova, Shrivathsa Sridhar, Christian Radnedge Organizations: Thomson Locations: Paris, France, Czech, Belarus, Ukrainian, Sabalenka

☆ First Republic's former co-CEO could be Turkey's next central bank chief
▼ + stars: | 2023-06-06 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +3 min

A former co-CEO of First Republic is said to be in line to be Turkey's next central bank chief. Turkey's central bank is expected to return to more orthodox policies. That's not stopping the Turkish government, which is considering Hafize Gaye Erkan, a former co-CEO of First Republic, to be the next governor of its central bank, according to reports. The bank would ultimately name the chief financial officer, Michael Roffler, to be CEO. Turkey's central bank has been a punching bag for Erdogan, who has forced out its leaders and pressured the bank to slash interest rates even in the face of surging inflation.

Persons: Hafize Gaye Erkan, Goldman Sachs, Recip Tayyip Erdogan, Erkan, Jim Herbert, Herbert, Graystone, Michael Roffler, Erdogan, Mehmet Şimşek Organizations: First, Morning, Princeton, JPMorgan Chase, Erkan, Reuters, First Republic, Financial Times, Bogazici University Locations: First Republic, Turkey's, Turkey, Republic

☆ Title contender Rybakina marches past teenager Noskova into third round
▼ + stars: | 2023-06-01 | by ( Karolos Grohmann | ) www.reuters.com time to read: +1 min

[1/5] Tennis - French Open - Roland Garros, Paris, France - June 1, 2023 Kazakhstan's Elena Rybakina in action during her second round match against Czech Republic's Linda Noskova REUTERS/Lisi NiesnerPARIS, June 1 (Reuters) - Fourth seed Elena Rybakina booked her third round spot with a 6-3 6-3 victory over rising Czech teenager Linda Noskova on Thursday, confirming her status as one of the front-runners for the title. Rybakina, a member of the new 'Big three' along with fellow title contenders, world number one Iga Swiatek and second seed Aryna Sabalenka, struggled with Noskova's powerful serve and thundering forehand. It was instead Noskova who carved out two break points at 3-3 but Rybakina, who won the title at Indian Wells and Rome this season while also reaching the final at the Miami Open, saved them both. She responded in kind at the very next game to break Noskova and go 5-3 up before clinching the match with an ace on her fourth match point. Reporting by Karolos Grohmann, editing by Pritha SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Roland Garros, Elena Rybakina, Linda Noskova, Lisi Niesner PARIS, Swiatek, Aryna Sabalenka, Karolos Grohmann, Pritha Sarkar Organizations: Czech, Wimbledon, French, Miami, Thomson Locations: Paris, France, Czech, Indian Wells, Rome

☆ Exclusive: JPMorgan to close 21 First Republic Bank branches
▼ + stars: | 2023-06-01 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

NEW YORK, June 1 (Reuters) - JPMorgan Chase & Co (JPM.N) will shut 21 branches of First Republic Bank by the end of the year as it integrates the failed lender into its operations, a JPMorgan spokesperson said on Thursday. The locations account for about a quarter of First Republic's 84 branches across eight states. "These locations have relatively low transaction volumes and are generally within a short drive from another First Republic office," the spokesperson said. After that, they will be eligible to apply for other roles at JPMorgan, which currently has 13,000 vacancies. JPMorgan is the largest U.S. lender, with more than 296,000 employees and 4,800 branches.

Persons: Nupur Anand, Lananh Nguyen, Christopher Cushing Organizations: YORK, JPMorgan Chase &, First Republic Bank, JPMorgan, Thomson Locations: New York

☆ Central African Republic plans referendum on scrapping presidential term limits
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

BANGUI, May 30 (Reuters) - Central African Republic's President Faustin-Archange Touadera said on Tuesday he would hold a referendum in July on his intention to change the constitution and remove term limits. Touadera's allies proposed the change in May last year, arguing that presidential term limits were uncommon in many neighbouring countries. Critics and opposition parties held protests last year as the reform would allow Touadera to run again in 2025 for a third term. A presidential decree issued later on Tuesday said the referendum would start on July 15 and end on July 28. The proposed reform echoes constitutional and other legal changes that have allowed presidents in several other African countries - including Rwanda, Congo Republic, Ivory Coast and Guinea - to stay in office.

Persons: Faustin, Archange Touadera, Touadera, Francois Bozize, Bozize, Judicael Yongo, Sofia Christensen, Richard Chang Organizations: Constitutional, National Assembly, Thomson Locations: BANGUI, Bangui, Rwanda, Congo Republic, Ivory Coast, Guinea

☆ Iran exchanges heavy gunfire with Taliban on Afghan border, escalating tensions over water rights
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +1 min

The Taliban and Iran exchanged heavy gunfire near the border on May 27, 2023. The Taliban and Iran exchanged heavy gunfire Saturday on the Islamic Republic's border with Afghanistan, killing and wounding troops while sharply escalating rising tensions between the two countries amid a dispute over water rights. From the Taliban's view, Afghan Interior Ministry spokesman Abdul Nafi Takor accused Iran of shooting first. The semiofficial, English-language newspaper Tehran Times said the fighting killed three Iranian border guards. IRNA said the Milak border crossing with Afghanistan, a major trade route, was closed until further notice over the gunfight.

☆ Stephens puts down marker on 'favourite court in the world'
▼ + stars: | 2023-05-29 | by ( Karolos Grohmann | ) www.reuters.com time to read: +1 min

[1/3] Tennis - French Open - Roland Garros, Paris, France - May 29, 2023 Sloane Stephens of the U.S. celebrates winning her first round match against Czech Republic's Karolina Pliskova REUTERS/Clodagh KilcoynePARIS, May 29 (Reuters) - Sloane Stephens relished every moment she spent on her favourite court in the world as the she cruised to a 6-0 6-4 first-round victory over former world number one Karolina Pliskova on Monday to put down an early marker at the French Open. "This is my favourite court in the world and I am super happy to be back," said Stephens, currently ranked 30th. Stephens came into the tournament in improving form on clay after winning her first WTA 125 event and reaching the semi-finals on clay in Rabat last week. "To start like that on your favourite court and favourite surface is great. I wanted to get matches under my belt this year (before the tournament) and I was feeling confident," Stephens said.

Belarus is being used as a key staging ground for Russia's war in Ukraine, which Moscow terms a "special operation". When asked if she was ready to be number one, she smiled and said: "Yes, I think so. Unlike the other three, Tsitsipas has yet to win a Grand Slam and he begins his campaign against Czech Republic's Jiri Vesely. "It's all about getting into the mindset of the Roland Garros final that I had here (in 2021)," he said. I just need to get a few good first matches to keep believing that I actually can do something this year."

☆ JPMorgan Chase cut about 500 jobs this week, including technology and operations roles
▼ + stars: | 2023-05-26 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

JPMorgan Chase & Co. headquarters in New York, US, on Wednesday, Jan. 18, 2023. JPMorgan Chase cut about 500 positions this week, mostly among technology and operations groups, according to people with knowledge of the move. Like many financial firms, JPMorgan periodically trims staff during the year, even as it hires thousands more workers to fill roles. This week, JPMorgan offered positions to about 85% of First Republic's roughly 7,000 workers. The bank declined to comment about its personnel decisions.

☆ JPMorgan lays off 15% of First Republic employees, or about 1,000 workers
▼ + stars: | 2023-05-25 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +3 min

JPMorgan is laying off roughly 1,000 employees of First Republic Bank, which it acquired on May 1. On Monday JPMorgan said it will also be closing some First Republic bank branches. JPMorgan has notified roughly 1,000 employees of First Republic Bank, which it acquired earlier this month, that they won't be staying on with the bank. "The vast majority of First Republic employees will be offered employment at JPMorgan Chase – either through a transition period, or in many cases full-time," a JPMorgan spokesperson said in a statement. JPMorgan agreed to buy First Republic Bank after the FDIC seized control on May 1.

☆ Hedge funds piled into these stocks in the first quarter
▼ + stars: | 2023-05-22 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The Wall Street firm analyzed hundreds of 13F filings last week to find the most popular stocks hedge funds picked up over the volatile quarter. Hedge funds piled into Victoria's Secret in the first quarter, buying the dip in the lingerie retailer, which has seen its shares fall 29% this year. Hedge funds also increased their ownership in financial names Western Alliance and Western Union last quarter. To be sure, it's possible that some of the hedge funds were covering their short bets in this position. A number of biotech names were also high-conviction bets for hedge funds, including Syneos Health , Horizon Therapeutics and Ginkgo Bioworks.

☆ JPMorgan may turn First Republic sites into 'special branches' for wealthy clients, report says
▼ + stars: | 2023-05-21 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase bought the San Francisco-based First Republic Bank on May 1 after it failed. The Wall Street Journal reported that it wants to retain a hands-on approach to wealth management. The First Republic deal reignited concerns about big banks becoming too powerful. JPMorgan Chase's takeover of the failed First Republic Bank could boost efforts to develop its wealth-management business, . "The failure of First Republic Bank shows how deregulation has made the too big to fail problem even worse," Sen. Elizabeth Warren tweeted the day the deal was announced.

☆ JPMorgan investors to scrutinize First Republic takeover
▼ + stars: | 2023-05-19 | by ( Nupur Anand | ) www.reuters.com time to read: +4 min

Analysts will seek more details about the deal and JPMorgan's plans to integrate First Republic's business into the largest U.S. bank. FIRST REPUBLICJPMorgan has agreed to undertake $173 billion of the failed bank's loans, $30 billion of securities and $92 billion of deposits after First Republic was shuttered down by authorities. Dimon had said that he expects blowback from the FRC deal earlier this month in an interview on Bloomberg TV. loadingAn acquisition of this scale will raise question on integration, execution risks, employee retention among others, analysts believe. JPMorgan has made 19 acquisitions since 2020 but the last major purchase of this scale by the lender was in 2008 of Bear Stearns.

☆ US banks rethink social media as a threat, not a marketing tool
▼ + stars: | 2023-05-18 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

Greg Becker, the former CEO of Silicon Valley Bank, blamed social media as an "unprecedented" factor in the lender's demise. The former CEO of First Republic Bank, Michael Roffler, also blamed social media for its collapse two months later. Bank executives and directors have ordered their companies to add social media into risk-management programs, according to regional bank executives who declined to be identified because the discussions are private. "NIP IT IN THE BUD"Banks are also contacting customers who complain on social media to address their issues quickly. The Financial Stability Board, an international body, is also investigating the role of social media in recent market turmoil, a source said.

☆ Sen. Elizabeth Warren presses regulators for answers on First Republic takeover
▼ + stars: | 2023-05-18 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Sen. Elizabeth Warren, D-Mass., greets Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation, during the Senate Banking, Housing, and Urban Affairs Committee hearing in Dirksen Building on Tuesday, March 28, 2023. WASHINGTON — Sen. Elizabeth Warren is asking federal financial regulators for answers over what she called a "deeply troubling" deal that saw JPMorgan Chase take over First Republic Bank. "Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund." Instead, the insurance fund was allowed to take a multibillion-dollar loss after billions of dollars worth of the bank's uninsured deposits were rescued during the deal, Warren said. "The FDIC appeared to prioritize First Republic's uninsured deposits at the bank before the Insurance Fund," she said.

☆ Ex-First Republic CEO blames contagion for bank's collapse
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - The former chief executive of the First Republic Bank Michael Roffler blamed the bank's collapse on the contagion from the failures of other regional banks and said regulators did not express concerns regarding the bank's strategy, liquidity, or management performance. "We could not have anticipated that Silicon Valley Bank and Signature Bank would fail, or that the failure of those banks would trigger substantial deposit outflows at our bank," he said. First Republic's financial position and strategy were regularly reviewed by the California Department of Financial Protection and Innovation (DFPI) and the FDIC, he said. California banking regulators shut down First Republic Bank on May 1 and sold its assets to JPMorgan Chase & Co (JPM.N), in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under lingering banking turmoil. Reporting by Nilutpal Timsina in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Here's what analysts are saying after Western Alliance's latest update
▼ + stars: | 2023-05-17 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Analysts on Wall Street are optimistic on Western Alliance after the bank's latest deposit update. Shares of Western Alliance popped more than 9% in the premarket. The analyst has a $71 per share price target on Western Alliance, which represents about 125% upside from Tuesday's closing price of $31.59. WAL YTD mountain Western Alliance stock has broken out in recent days, gaining 15% in the last five trading sessions. His price target points to more than 100% upside over the next 12 months.

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