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Search resuls for: "Lananh Nguyen Pete Schroeder Andrea Shalal Megan Davies"


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☆ First Republic shares fall despite unprecedented Wall Street rescue deal
  + stars: | 2023-03-17 | by ( Lananh Nguyen Pete Schroeder Andrea Shalal Megan Davies | Lananh Nguyen | Pete Schroeder | ) www.reuters.com   time to read: +4 min
March 16 (Reuters) - First Republic Bank's (FRC.N) shares fell 17% in extended trading on Thursday, despite an unprecedented show of support in the bank from nearly a dozen of the world's largest financial institutions. The bank's shares, which had closed 10% higher after a volatile day that saw trading halted 17 times, slumped in after-market trading. Jason Ware, chief investment officer for Albion Financial Group, said the Dimon-led banking sector intervention on Thursday was a "shot in the arm of the system" but likely more was needed. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. The bank's shares have been hit hard in recent days in the aftermath of the collapse of Silicon Valley Bank.
☆ Yellen, Dimon, Powell helped clinch First Republic deal with key lawyer -sources
  + stars: | 2023-03-16 | by ( Lananh Nguyen Pete Schroeder Andrea Shalal Megan Davies | Lananh Nguyen | Pete Schroeder | ) www.reuters.com   time to read: +5 min
The planned rescue package was discussed by Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JPMorgan Chase & Co. (JPM.N) CEO Jamie Dimon on Tuesday, according to a source familiar with the situation. A central player in the deal was Rodgin Cohen, a veteran lawyer at Sullivan & Cromwell, two sources familiar with the matter said. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. Other lenders including BNY Mellon, PNC Bank, State Street, Truist and U.S. Bank channeled $1 billion of deposits into the San Francisco-based lender. Federal Reserve Board Chair Jerome Powell said the Fed was always ready to provide liquidity through its discount window.
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