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☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ FT: First Republic's ongoing issues are an increasing concern for other banks
▼ + stars: | 2023-04-27 | 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 EmailFT: First Republic's ongoing issues are an increasing concern for other banksStephen Trent of the Financial Times discusses the latest with First Republic.

☆ First Republic faces potential curb on borrowing from Fed - Bloomberg News
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - U.S. bank regulators are weighing the prospect of downgrading their private assessments of First Republic Bank (FRC.N), which could lead it to face potential curbs on borrowing from the Federal Reserve, Bloomberg News reported on Wednesday. FRC did not immediately respond to a Reuters request for comment. First Republic's market value plunged below $1 billion for the first time ever on Wednesday after a report said the U.S. government was unwilling to intervene in the rescue process, hammering the lender's stock. The banking sector has come under renewed pressure following First Republic's results on Monday after it reported outflows of more than $100 billion in deposits in the first quarter. Reporting by Juby Babu in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ First Republic Bank shares plumb new lows on report government reluctant to intervene
▼ + stars: | 2023-04-26 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

After a brutal selloff, the bank's market capitalization was about $886 million at its lowest on Wednesday, a far cry from its peak of more than $40 billion in November 2021. U.S. government officials are currently unwilling to intervene in the First Republic rescue process, CNBC reported, citing sources. Reuters GraphicsA trader works at the post where First Republic Bank stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 16, 2023. "The (First Republic) assets will be sold, but it may take some time and could be sold at a pretty severe discount to par," David Wagner, portfolio manager at Aptus Capital Advisors, said. At least three brokerages have cut their price targets on First Republic's shares since it reported first-quarter earnings on Monday.

☆ First Republic Bank shares plummet day after hitting record low
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - First Republic Bank's (FRC.N) shares fell nearly 10% in premarket trading on Wednesday as analysts highlighted concerns about the troubled lender's plans to turn around its business. The company's shares were last trading at $7.34, paring some losses from a 27% plunge earlier in the day. The stock lost nearly half its value on Tuesday and will hit a record low for the second straight day if current levels hold. At least three brokerages have cut their price targets on First Republic's shares since it reported first-quarter earnings on Monday. A string of earnings reports from regional banks last week had reassured investors, but the banking sector has come under renewed pressure following First Republic's results.

☆ First Republic Bank turmoil pushes stock to plunge 95% this year as the lender seeks another lifeline from big US banks
▼ + stars: | 2023-04-26 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

First Republic shares extended this week's losses, driving the stock down 95% so far in 2023. The bank centered on wealthy clients was set to ask its larger rivals for more financial aid. The stock fell as much as 41% to $4.76 and underwent a number of trading halts because of volatility. If the purchases aren't made, those banks may face fees of about $30 billion from the Federal Federal Deposit Insurance Corp. should First Republic fail, the report said. Those banks are already facing FDIC fees stemming from the collapse and federal seizures of Silicon Valley Bank and Signature Bank last month.

☆ First Republic's dramatic slide continues as regional bank looks for rescue deal
▼ + stars: | 2023-04-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Shares were down 13% in premarket trading, extending losses of nearly 50% on Tuesday. First Republic 's stock sank again on Wednesday as investors kept an eye on a potential rescue deal for the troubled regional bank. First Republic was seen by customers and investors alike as a risky bank after the collapse last month of Silicon Valley Bank, which had a similar financial profile. First Republic also said in its quarterly report Monday that it was reviewing strategic options to help reshape its balance sheet. Advisors to First Republic are trying to convince at least some of those banks to provide further support by buying some of First Republic's assets at above-market rates, CNBC has learned.

☆ Cramer's First Take: Microsoft stock went up because they don't need Activision
▼ + stars: | 2023-04-26 | 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 EmailCramer's First Take: Microsoft stock went up because they don't need ActivisionCNBC's Jim Cramer reacts to news of UK regulators blocking Microsoft's acquisition of Activision, and First Republic's plunging stock prices.

☆ The $30 billion reason for Wall Street to save First Republic ASAP
▼ + stars: | 2023-04-26 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

The bank is seeking to sell assets and raise fresh capital to keep itself going. That's part of the reason the stock is trading down so heavily, with the bank currently valued at a little more than $1 billion. The pitch, according to Hugh Son at CNBC, is essentially this: If First Republic is seized by the FDIC, those same banks will face a bill of $30 billion. Liz Hoffman at Semafor notes that private equity could step in also, taking on some of First Republic's problem assets, with banks taking on the rest. First Republic would then seek to sell shares to replenish its capital.

☆ Nasdaq 100 futures rise Wednesday night as Meta pops on quarterly results: Live updates
▼ + stars: | 2023-04-26 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange on April 26, 2023 in New York City. Nasdaq 100 futures gained 0.5%, while S&P 500 futures added 0.2%. Futures linked to the Dow Jones Industrial Average gained 23 points, or 0.07%. Meta shares leapt in after-hours trading as the company reported quarterly revenue that beat analysts' expectations. The S&P 500 slid 0.38%, while the tech-heavy Nasdaq Composite rose 0.47%.

☆ First Republic Stock Set to Slide Further After Sinking Nearly 50%
▼ + stars: | 2023-04-26 | by ( ) www.wsj.com time to read: 1 min

Shares of beleaguered regional bank First Republic were set for another steep slide Wednesday after losing roughly half their value a day earlier. A day earlier, the stock had plunged 49% after the bank's results highlighted a worse-than-expected $100 billion deposit outflow during March's banking turmoil. First Republic's stock has lost roughly 93% of its value this year through Tuesday. First Republic plans to ask other big banks for more help after a group of 11 top U.S. lenders gave the bank a $30 billion cash infusion last month, according to CNBC. Regulators in Washington are also working on a plan to help stabilize the bank, the Financial Times reported.

☆ Goldman Sachs M&A team doesn't get out of bed for less than $10 billion
▼ + stars: | 2023-04-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Goldman Sachs' M&A team operates under a similar mandate, albeit with a few more zeros. Why bother stressing over 10 $1 billion deals when you can just do a $10 billion deal? It's not just the M&A market that's facing issues. The bank has held the top spot on the year-end M&A league tables for decades, but it is hearing footsteps. More on Goldman's M&A strategy amid an industry drought.

☆ Bankers’ pitch to save First Republic: Help us now, or pay more later when it fails
▼ + stars: | 2023-04-26 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

CNBC's David Faber, who first reported on the rescue plan Tuesday, said that the coming days are crucial for First Republic. But that model broke down in the aftermath of the SVB failure as its wealthy customers quickly pulled uninsured deposits. Other possible, but less-likely moves include converting the big bank's deposits into equity, or even finding a buyer. They also benefited the buyers who were able to cherry-pick the best assets while the FDIC retains underwater bonds, the First Republic advisors noted. "If anything, last night's discouraging update will make it even harder for First Republic to keep what it has."

☆ Morning Bid: Cloud control - tech trumps banks
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +5 min

Alphabet (GOOGL.O) also gained 1% as it too trumpeted gains in cloud services and AI, alongside plans for a $70 billion buyback. With Meta (META.O) results out later, its stock was up 2% and Amazon (AMZN.O) raced ahead 4%. PacWest Bancorp's (PACW.O) shares jumped 15% in extended trading after the regional lender said deposits have been building recently. And in Europe, Standard Chartered (STAN.L) shares bucked otherwise dour markets on a forecast-beating 21% jump in first-quarter profits. U.S. Treasury markets continued to rally, with yields on 2-year notes dropping below 4% Tuesday and testing 3.9% early today.

☆ Stocks making the biggest moves midday: Microsoft, Chipotle, Boeing, First Republic Bank and more
▼ + stars: | 2023-04-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday:Microsoft — Shares of tech giant Microsoft gained more than 8% Wednesday after a better-than-expected earnings report a day earlier. The company earned $1.17 per share on $69.79 billion in revenue, while analysts polled by Refinitiv expected it to earn $1.07 per share on revenue of $68.9 billion. The company also announced a $70 billion share buyback. 107230585First Republic — Shares of the regional bank fell more than 20% on Wednesday, extending their steep losses for the week. However, deposits for the first quarter totaled about $28.2 billion, down from $33.9 billion from the fourth quarter of 2022.

☆ First Republic's strategic options "very challenging" - Fitch
▼ + stars: | 2023-04-25 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

NEW YORK, April 25 (Reuters) - First Republic Bank's (FRC.N) strategic options are "very challenging" because any potential sale is unlikely without the lender taking big writedowns on its mortgage loan book and securities portfolio, analysts at Fitch Ratings said on Tuesday. "The options are very challenging and probably very costly, especially for shareholders. The bank said it was "pursuing strategic options" to strengthen the bank, without providing details. "There are still more downside risks until some clarity emerges on what their strategic options can be," Wolfe said. First Republic's total investment securities stood at $34.8 billion at the end of March, rising 9.8% from the fourth quarter, it said on Monday.

☆ First Republic stock craters 49% after the bank reveals customers pulled out $100 billion of deposits last quarter
▼ + stars: | 2023-04-25 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

First Republic shares fell 49% Tuesday on the back of dire first-quarter earnings. The regional bank's customers pulled out more than $100 billion worth of deposits last quarter. First Republic plans to lay off around 25% of its workforce during the second quarter. Without that lifeline, First Republic's deposit outflows would have totaled $102 billion – which equates to around 41% of the customer deposits it held prior to the first quarter, according to Deutsche Bank. "With the closure of several banks in March, we experienced unprecedented deposit outflows," the San Francisco-based bank's CFO Neal Holland said after Monday's earnings release.

First Republic reported a more than $100 billion plunge in deposits in the quarter in the aftermath of the biggest turmoil to hit the banking sector since 2008. Regional bank PacWest Bancorp (PACW.O) fell 9%, Western Alliance Bancorporation (WAL.N) 6%, Zions Bancorp (ZION.O) 5% and brokerage Charles Schwab Corp (SCHW.N) was down 4%. First Republic said on Monday it was "pursuing strategic options" to quickly strengthen the bank, without providing details. Options include an asset sale of up to $100 billion, a source familiar with the situation said on Tuesday. "So it's tough to even describe it as good asset and bad asset," Chiaverini said.

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