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☆ 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

In February, First Republic Bank ’s well-heeled customers were yanking money from their accounts. The bank tried to stem the tide by offering higher rates on certificates of deposit. Even that was a tough sell. Jim Herbert , the bank’s 78-year-old founder, usually a reassuring presence, slammed his hand on the table during an all-hands meeting. We’ve got to get more deposits, he said, according to people familiar with the matter.

☆ First Republic Bank executives to forego annual bonuses for 2023
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - First Republic Bank (FRC.N) said on Wednesday all its executive officers have decided to take no annual bonuses for 2023, and founder and Executive Chair Jim Herbert will draw no salary effective March 12. The bank's executives have also forfeited performance-based incentives vesting in 2023, according to a regulatory filing. The rescue effort for Swiss banking giant Credit Suisse (CSGN.S) has also put the bonus pools of banking executives under the spotlight. On Tuesday, Swiss authorities imposed curbs on bonus payments for Credit Suisse employees. Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ First Republic Bank stock tumbles on credit downgrade and deposit worries
▼ + stars: | 2023-03-15 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —First Republic Bank’s credit rating was downgraded on Wednesday by both Fitch Ratings and S&P Global Ratings on concerns that depositors could pull their cash despite the federal intervention. Fitch also placed another regional bank, PacWest Bancorp, on watch for a potential credit ratings downgrade of its own. The moves reflect continued worries about the banking system in the aftermath of the collapse of Silicon Valley Bank and Signature Bank. Both credit ratings firms pointed to the large amount of deposits at First Republic that are uninsured because they are above the $250,000 FDIC limit. Moody’s Investors Service on Tuesday cut its outlook for the entire US banking sector and placed six US banks on review for potential credit rating downgrades, including First Republic.

Shares of First Republic were up sharply in early Tuesday trading as concern over the state of the regional bank appeared to ease after a day of heavy selling. Shares of other regional banks also surged before the bell. Those moves come after regional banks fell sharply on Monday, even after U.S. regulators took extraordinary measures to backstop all depositors in the now-failed Silicon Valley Bank. In addition the backstopping the deposits at SVB and Signature Bank, which was closed on Sunday, federal regulators also announced efforts on Sunday to stabilize the wider banking system. "Outflows did not accelerate during the last few days and, in fact, some banks have seen net inflows given movement in deposits from SVB and Signature Bank," Tamayo said in a note to clients.

☆ Futures rise after bank rout, CPI data awaited
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +3 min

ET (1330 GMT) from the Labor Department, will feed into the U.S. Federal Reserve's policy decision at its March meeting. On a yearly basis, CPI grew 6.0% in February, moderating from a 6.4% in rise the previous month. SVB Financial's (SIVB.O) sudden shutdown and fears of risks to other banks hammered the sector and broader markets in the past few days. "The CPI figures out later will be watched super-closely as another hot reading will reinforce expectations that a rate rise, albeit smaller, will be on the cards next week." ET, Dow e-minis were up 117 points, or 0.37%, S&P 500 e-minis were up 16.25 points, or 0.42%, and Nasdaq 100 e-minis were up 56 points, or 0.47%.

☆ Jim Cramer's top 10 things to watch in the stock market Tuesday: As-expected CPI boosts Wall Street
▼ + stars: | 2023-03-14 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

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Biden said his administration's actions over the weekend meant "Americans can have confidence that the banking system is safe", while also promising stiffer regulation after the biggest U.S. bank failure since the 2008 financial crisis. Shares in U.S. banking giants JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Bank of America (BAC.N) nevertheless weakened. But your second thought is, how big was that crisis, how big were the risks that this step had to be taken?" U.S. regulators stepped in on Sunday after the collapse of SVB, which had seen a run after a big bond portfolio hit. [1/3] U.S. President Joe Biden delivers remarks on the banking crisis after the collapse of Silicon Valley Bank (SVB) and Signature Bank, in the Roosevelt Room at the White House in Washington, D.C., U.S. March 13, 2023.

☆ First Republic leads losses among U.S. regional banks on contagion fears
▼ + stars: | 2023-03-13 | by ( Medha Singh | ) www.reuters.com time to read: +4 min

[1/2] A person walks past the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. REUTERS/David 'Dee' DelgadoMarch 13 (Reuters) - Shares of U.S. regional banks slumped on Monday, led by losses in First Republic Bank (FRC.N) as news of fresh financing failed to assuage bank contagion fears following the collapse of SVB Financial Group (SIVB.O) and Signature Bank (SBNY.O). The KBW regional banking index (.KRX) slipped 5.4%, and the S&P 500 banking index (.SPXBK) fell 6%. U.S. President Joe Biden vowed to do whatever was needed to address a potential banking crisis after the collapse of Silicon Valley Bank and Signature Bank. Among Wall Street lenders, Bank of America Corp (BAC.N) dropped 3.3%, Citigroup Inc (C.N) and Wells Fargo (WFC.N) slid about 6% each, while lenders in Asia and Europe plunged too.

☆ First Republic tells CNBC the bank isn't seeing that many depositors leave, JPMorgan funding working
▼ + stars: | 2023-03-13 | by ( Jesse Pound | ) www.cnbc.com time to read: 1 min

First Republic Bank has been able to meet withdrawal demands on Monday with the help of additional funding from JPMorgan Chase , the bank's executive chairman told CNBC's Jim Cramer. Jim Herbert told Cramer that the bank was not seeing massive outflows of deposits and that the business was operating as usual. Herbert declined to say specifically how much had been withdrawn, Cramer said. First Republic announced Sunday it had received additional liquidity from the Federal Reserve and JPMorgan. That brought the bank's unused liquidity to $70 billion, First Republic said, before accounting for potential use of the Bank Term Loan Facility that the Fed created over the weekend.

☆ First Republic tells CNBC the bank isn't seeing that many depositors leave
▼ + stars: | 2023-03-13 | 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 EmailFirst Republic tells CNBC the bank isn't seeing that many depositors leaveCNBC's Jim Cramer discusses First Republic Bank after speaking with the CEO Jim Herbert.

☆ First Republic bolsters liquidity after wild weekend of bank failures
▼ + stars: | 2023-03-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

First Republic Bank said it's getting additional funding from the Federal Reserve and JPMorgan Chase. It's been a wild weekend for banks after SVB was shut down by regulators following a bank run. There are fears of contagion at regional banks such as First Republic. This funding injects $70 billion of unused liquidity into San Francisco-based First Republic, the bank said in a Sunday filing. First Republic Bank's shares fell 15% on Friday to $81.76 apiece.

A First Republic Bank branch in New York, US, on Friday, March 10, 2023. San Francisco's First Republic shares lost 70% in premarket trading Monday after declining 33% last week. First Republic Bank led a decline in bank shares Monday that came even after regulators' extraordinary actions Sunday evening to backstop all depositors in failed Silicon Valley Bank and Signature Bank and offer additional funding to other troubled institutions. The SPDR S&P Regional Banking ETF lost 4% in premarket trading Monday following a 16% decline last week. The slide for regional bank stocks on Monday comes after a rush of withdrawals from SVB Financial forced that bank to close.

[1/2] A person walks past the Park Avenue location of the First Republic Bank, in New York City, U.S., March 10, 2023. There were multiple trading halts on bank shares as the KBW regional banking index (.KRX) fell 5.4%, and the S&P 500 banking index (.SPXBK) dropped 6%. Hogan said each regional bank has its own exposure to different parts of the market. He added the fate of regional bank stocks will be "case by case" as investors look to see which ones could have the most negative exposure. "First Republic Bank, which has significant exposure to the coastal real estate markets appears to be next on the list".

☆ Wall Street is surprised by First Republic's falling stock. Here's how the bank compares to SVB
▼ + stars: | 2023-03-13 | by ( Jesse Pound | ) www.cnbc.com time to read: +6 min

FRC 1D mountain First Republic's stock was down by more than 75% at one point on Monday. The dramatic slide puzzled many Wall Street analysts, however, who still see First Republic as a strong bank even after SVB's demise. Here's a look at some of the pressure points for First Republic and how it compares to SVB. First Republic's deposit mix has likely changed in recent days, though the company has not released updated numbers. Another consideration is that First Republic's loans are largely residential real estate.

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