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☆ Watch CNBC's full interview with Apollo Global Management CEO Marc Rowan
▼ + stars: | 2023-05-01 | 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 EmailWatch CNBC's full interview with Apollo Global Management CEO Marc RowanApollo Global Management CEO Marc Rowan joins David Faber on 'Squawk on the Street' to discuss the fallout of First Republic's banking failure, Apollo's performance, recession prediction, and more.

☆ Jamie Dimon says JPMorgan rescued First Republic because the government asked his bank 'to step up, and we did'
▼ + stars: | 2023-05-01 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Jamie Dimon says JPMorgan bought First Republic after the US government asked it to "step up." Jamie Dimon said JPMorgan's acquisition of First Republic came after the US government asked the bank to "step up" in a deal that will "modestly" benefit America's biggest bank. "Our government invited us and others to step up, and we did," JPMorgan CEO Dimon said in a press release. In addition to most of First Republic's deposits, JPMorgan will pick up about $173 billion in loans and about $30 million of securities. First Republic's shares slumped more than 40% to $2.10 in pre-market trading, while JPMorgan rose 2.5% to $141.70.

☆ JPMorgan is buying First Republic Bank after it was taken over by regulators
▼ + stars: | 2023-05-01 | by ( Kaja Whitehouse | Huileng Tan | ) www.businessinsider.com time to read: +5 min

First Republic Bank was put into receivership by regulators early Monday. First Republic Bank will be taken over by JPMorgan after being seized by regulators, marking the third regional bank to be taken over by federal regulators following a consumer panic that took down Silicon Valley Bank in March. The FDIC said early Monday that JPMorgan submitted a bid for all of First Republic's deposits of $103.9 billion. As part of the transaction, First Republic Bank's 84 offices in eight states will reopen as branches of JPMorgan on Monday. JPMorgan is assuming all of First Republic Bank's deposits — including uninsured ones — as well as most of its assets, said FDIC and JPMorgan in their statements.

☆ The Fed's next move: Pause, pivot or hike?
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed's next move: Pause, pivot or hike? CNBC's Leslie Picker, Steve Liesman, and Mike Santoli along with The Wall Street Journal's Gunjan Banerji joins 'Power Lunch' to discuss the Fed's upcoming rate decision, First Republic's sale to JPMorgan, and ongoing bank sector woes.

☆ Buy the bitcoin pullback as crypto will have more time to shine later this year, Bernstein says
▼ + stars: | 2023-05-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

"Bitcoin and the crypto financial system were made exactly for times like today," he said in a note Monday, highlighting the "breakdown of traditional financial systems" and "first principle questions on the fractional reserve business model of banks." "As the narrative towards a weaker dollar picks up, we believe bitcoin will emerge again as a faster horse than gold," Chhugani said. "Further, we believe it will also unleash a new crypto cycle, bringing about a new wave of innovation in crypto-based decentralized financial systems. Furthermore, the regulatory argument against crypto in the U.S. is weakening, according to the analyst, as Europe and Hong Kong take more progressive approaches. BTC.CM= YTD mountain Bitcoin (BTC) this year Bitcoin fell about 4% Monday, according to Coin Metrics, after closing out its fourth positive month in a row with a 3% gain.

☆ Why First Republic failed, and what it means for the rest of the banking industry
▼ + stars: | 2023-05-01 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

First Republic's failure is a stark reminder that the banking crisis is far from over. But despite a speedy takeover by JPMorgan, First Republic's failure shows the banking crisis is far from over. At the end of 2022, two-thirds of First Republic's deposits were uninsured. When SVB and Signature Bank failed, these wealthy customers fled First Republic in droves for fear of losing their cash. The combined failure of SVB, Signature and First Republic is a reminder of the problems affecting the banking system.

☆ Sethi: The resolution of First Republic takes away the uncertainty for the market
▼ + stars: | 2023-05-01 | 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 EmailSethi: The resolution of First Republic takes away the uncertainty for the marketDCLA managing partner Sarat Sethi discusses whether there will be a ripple effect from First Republic's failure on the broader market, and where investors may seek some opportunity in the near to mid-term.

☆ Apollo CEO Mark Rowan on First Republic fallout: The business of regional banking will change
▼ + stars: | 2023-05-01 | 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 EmailApollo CEO Mark Rowan on First Republic fallout: The business of regional banking will changeApollo Global Management CEO Marc Rowan joins David Faber on 'Squawk on the Street' to discuss the fallout of First Republic's banking failure, Apollo's performance, recession prediction, and more.

NEW YORK, April 30 (Reuters) - PNC Financial Services Group (PNC.N) and JPMorgan Chase & Co (JPM.N) were among banks set to submit final bids for First Republic Bank (FRC.N) by midday Sunday in an auction being run by U.S. regulators, sources familiar with the matter said. Citizens Financial Group Inc (CFG.N) was another bidder in the final phase of the process, according to one of the sources familiar with the matter. Guggenheim Securities is advising the FDIC, two sources familiar with the matter said on Saturday. Citizens Financial Group Inc (CFG.N) was another bidder vying for the bank, according to sources familiar with the matter on Saturday. But fearing further bank runs, regulators took the exceptional step of insuring all deposits at both Silicon Valley Bank and Signature.

☆ Big banks including JPMorgan Chase, Bank of America asked for final bids on First Republic
▼ + stars: | 2023-04-29 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

JPMorgan Chase and PNC are likely bidders for the ailing lender, which would be seized in receivership and immediately sold to the winning bank, according to people with knowledge of the situation. Bank of America is among several other institutions that are weighing a potential bid for First Republic, according to people with knowledge of the matter. Shares of the bank sank 90% last month, and then collapsed further this week after First Republic disclosed how dire its situation is. The biggest banks will bear the brunt of that expense, because member banks will likely be assessed fees to replenish the FDIC fund over several years. Wells Fargo , Goldman Sachs and Citigroup are each unlikely to make a bid, according to people with knowledge of the banks.

TOKYO, April 28 (Reuters) - Oil prices gained about 2% on Friday after U.S. data showed crude output was declining while fuel demand was growing. Brent crude futures rose $1.16, or 1.5%, to $79.53 a barrel by 12:24 p.m. EDT (1624 GMT), while West Texas Intermediate (WTI) crude rose $1.99, or 2.7%, to $76.75. "But, today there were headlines showing there may be a solution to First Republic's problems and data pointing to a rise in oil demand and a decline in output," Flynn said. In the same report, the EIA said U.S. product supplied of crude and petroleum products - a proxy for oil demand - rose to nearly 20 million bpd and finished motor gasoline rose to 8.7 million bpd in February, the highest for both since November 2022. Oil companies like Exxon Mobil Corp(XOM.N), meanwhile, are riding a wave of strong demand and have held the line on cost-cutting implemented when fuel demand collapsed during COVID-19 lockdowns.

☆ Iran says there were no school poisonings, blames foreign 'enemies'
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

April 28 (Reuters) - Iran's intelligence ministry on Friday accused foreign "enemies" and dissidents of fomenting fears over suspected poisonings of schoolgirls, saying its investigation found no actual poisoning. The report accused unnamed dissidents of provoking fears to produce propaganda videos and warned of "prosecution of individuals, groups, media who accused the government ... and aligned themselves with enemies". Authorities have accused the Islamic Republic's "enemies" of using the suspected attacks to undermine the clerical establishment. The suspected poisonings began in November in the holy Shi'ite Muslim city of Qom and spread to 28 of Iran's 31 provinces, according to activist HRANA news agency, prompting some parents to take children out of school and protest. For the first time since the Islamic Revolution in 1979, schoolgirls have joined the protests that spiralled after Mahsa Amini's death in morality police custody.

☆ Charles' coronation seized on by republicans as chance to ditch monarchy
▼ + stars: | 2023-04-28 | by ( Andrew Macaskill | ) www.reuters.com time to read: +6 min

They believe Charles' accession to the throne presents their best chance of ending the monarchy, which traces its history back more than 1,000 years. Anti-monarchy protests are relatively small, and polls show the majority of Britons still want a royal family. Charles wants a slimmed-down monarchy which would be less expensive to run and his mother said the royal family only existed with the support of the people. Demonstrations against the monarchy are also planned in the capitals of Scotland and Wales on the day of the coronation. "Younger people are moving away from the royal family in their droves," he said.

☆ Morgan Stanley's wealth business just keeps on winning
▼ + stars: | 2023-04-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's good to be Morgan Stanley these days. Amid a difficult market for Wall Street banks — thanks in large part to non-existent deal flow — Morgan Stanley's massive wealth business has been paying off big time. But Morgan Stanley's success isn't coming in a vacuum. -Meanwhile, UBS, arguably Morgan Stanley's biggest competitor in the space, was begrudgingly saddled with Credit Suisse's carcass. With wealth advisors, a key part of hiring includes offering "bonuses" that are actually loans.

☆ First Republic Bank shares tank 50% after report says the struggling lender is likely to be taken over by the government
▼ + stars: | 2023-04-28 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

First Republic Bank shares plunged 50% Friday after CNBC reported the lender looks headed toward a government takeover. The lender that lost $100 billion in deposits in Q1 will likely be put into FDIC receivership, the report said. Such action would mark the third bank seizure by the FDIC since March when it took over the collapsed lenders Silicon Valley Bank and Signature Bank. First Republic shares have plunged 97% this year through midday Friday in the wake of the banking industry shakeup spurred by the collapse and seizures of Silicon Valley Bank and Signature Bank last month. First Republic shares on Wednesday logged a record-low close of $5.69.

☆ First Republic's stock poised to rise for second day as regional bank searches for rescue deal
▼ + stars: | 2023-04-28 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Shares of First Republic were moving higher on Friday as the regional bank looks for a potential rescue deal to reshape its business after suffering massive deposit outflows in the first quarter. The stock was up more than 4% in premarket trading, or about 28 cents, after rising more than 8% on Thursday. The stock has fallen more than 90% this year as investors have lost confidence in the bank after two regional lenders failed in March. Shares of First Republic closed at $16 on Monday before the bank reported its first-quarter results, which showed a decline in deposits of about 40%. The stock fell more than 60% over the next two days, hitting a new all-time low.

☆ First Republic Advisors Are Fleeing to Firms Like Morgan Stanley
▼ + stars: | 2023-04-28 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

First Republic had raided Wall Street wirehouses including Morgan Stanley, UBS, and Wells Fargo for its top wealth advisor talent over the last several years. Now, the embattled bank is seeing an exodus of the talent it lured— and Morgan Stanley is emerging as a winner. Two sources familiar with hiring discussions at Morgan Stanley told Insider that the bank was not matching those top-of-market deals. Morgan Stanley was one of 11 banks to provide a combined $30 billion in uninsured deposits to First Republic. Morgan Stanley revealed in an earnings call that about $19.6 billion in net new assets were attributable to advisors and clients fleeing struggling banks like First Republic for Morgan Stanley.

NEW YORK, April 28 (Reuters) - U.S. officials are coordinating urgent talks to rescue First Republic Bank (FRC.N) as private-sector efforts led by the bank's advisers have yet to reach a deal, according to three sources familiar with the situation. It is unclear whether the U.S. government is considering participating in a private-sector rescue of First Republic. The Treasury Department declined to comment; the FDIC and Federal Reserve did not immediately respond to emailed requests for comment after hours. U.S. officials view a private-sector deal as preferable to First Republic falling into FDIC receivership, two of the sources said. First Republic shares have lost 95% of their value since the regional banking crisis started on March 8.

☆ Here are the 4 issues that will determine the future of the global economy, according to Mohamed El-Erian
▼ + stars: | 2023-04-28 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Mohamed El-Erian says there are four issues that will shape the future of the global economy. El-Erian say the Fed's efforts to reduce inflation and the US debt ceiling are key factors looking ahead. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyIt is an uncertain time for the global economy. As narratives continue to shift, Wall Street's views range from predictions of a full on stock market crash to a soft landing of the economy.

NEW YORK, April 28 (Reuters) - Bearish options traders are ramping up bets on further declines in the beaten-down shares of First Republic Bank (FRC.N), though strategists say they could run into trouble cashing in their wagers if the bank goes into receivership. Profitable put options are typically automatically exercised by selling underlying shares - either already owned by the investors or newly purchased - at a profit. But brokers might restrict share sales when a stock is halted, keeping investors from reaping gains. Some traders found this out the hard way when they ran into trouble cashing in bearish options bets on failed lenders SVB Financial Group and Signature Bank. The Options Clearing Corp and brokerages Charles Schwab, Robinhood, Interactive Brokers and Fidelity did not immediately respond to a request for comment.

☆ What the options market makes of First Republic's troubles
▼ + stars: | 2023-04-28 | 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 EmailWhat the options market makes of First Republic's troublesThe Options Action traders discuss reports that First Republic Bank is most likely headed for FDIC receivership with CNBC's Melissa Lee.

☆ First Republic shares book slim gains after brutal sell-off
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - First Republic Bank's (FRC.N) shares rose nearly 5% premarket on Thursday, following a bruising sell-off that wiped out 60% of the stock's value this week. First Republic's woes this weak has brought the banking sector under renewed pressure as it looks to recover from the biggest turmoil since 2008. "First republic lost and is continuing to lose deposits. "If First Republic fails or is bailed out, that will likely cause more downward pressure on the already beaten down financial sector." The downgrade could lead to restrictions on First Republic's ability to borrow from the U.S. central bank, the report said.

☆ White House: Monitoring situation at First Republic, could step in if needed
▼ + stars: | 2023-04-27 | by ( Andrea Shalal | ) www.reuters.com time to read: +1 min

WASHINGTON, April 27 (Reuters) - The White House is continuing to monitor the situation at First Republic Bank, which has continued to lose deposits this week, spokesperson Karine Jean-Pierre said on Thursday, vowing that the Biden administration stood ready to take action if needed. Deposits at regional banks have stabilized and the Biden administration can use the same tools it used in recent weeks to address financial stress if needed, she said. "We have used important tools to quickly stabilize the banking system. Certainly we are monitoring this situation," she told reporters when asked about growing market worries about First Republic. Reporting by Andrea Shalal; Writing by Moira Warburton; Editing by Tim ahmannOur Standards: The Thomson Reuters Trust Principles.

☆ Iran seizes oil tanker in Gulf, U.S. Navy says
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +5 min

[1/4] Marshall Islands-flagged oil tanker Advantage Sweet, which, according to Refinitiv ship tracking data, is a Suezmax crude tanker which had been chartered by oil major Chevron and had last docked in Kuwait, sails at Marmara sea near Istanbul, Turkey January 10, 2023. Iran's army said it had seized a Marshall Islands-flagged oil tanker in the Gulf of Oman after it collided with an Iranian boat, injuring several crewmen, Iranian state media reported. The vessel's destination was listed as the U.S. Gulf of Mexico port of Houston, ship tracking data showed. Iran last November released two Greek-flagged tankers it seized in the Gulf in May in response to the confiscation of oil by the United States from an Iranian-flagged tanker off the Greek coast. The U.S. Navy, whose Fifth Fleet is based at the Gulf island state of Bahrain, called on Iran to immediately release the tanker.

☆ EUROPE US recession worries weigh in Asia
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Kevin BucklandEurope wakes up to more weakness in equities after stock markets across Asia took cues from Wednesday's slump on Wall Street. But perhaps reassuringly, financials fared relatively better in markets including Hong Kong and Tokyo, suggesting little fear of widening contagion from First Republic's woes. Technology shares in the region didn't benefit much from Microsoft's earnings boost though, which had buoyed the Nasdaq. Meanwhile, the United States continued to cozy up to long-time regional allies South Korea and Japan. Away from geopolitics, the Bank of Japan began its first policy meeting with new governor Kazuo Ueda at the helm.

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