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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.
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.
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.
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.
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.
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.
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.
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.
Mortar platoon commander Olga Bigar is better known in Ukraine by her callsign "Witch." Junior Lieutenant mortar platoon commander Olga Bigar of the Ukrainian Territorial Defense Forces. A baptism of fireJunior Lieutenant mortar platoon commander Olga Bigar of the Ukrainian Territorial Defense Forces. Junior Lieutenant mortar platoon commander Olga Bigar of the Ukrainian Territorial Defense Forces. Junior Lieutenant mortar platoon commander Olga Bigar of the Ukrainian Territorial Defense Forces.
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.
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.
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.
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.
Fish and Wildlife Service. Damage to the launch pad, the floor of which was largely demolished during liftoff, was visible in photos of the aftermath. SpaceX did not immediately respond to a request for comment on the Fish and Wildlife Service findings. The April 20 launch was days after the Federal Aviation Administration (FAA) granted SpaceX a license to launch the Starship via its Super Heavy rocket booster. REUTERS/Joe Skipper 1 2 3The report by the Fish and Wildlife Service, part of the U.S.
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.
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.
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.
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.
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.
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.
Kolfage, 41, pleaded guilty last year to misappropriating funds meant for the "We Build the Wall" campaign. Andrew Badolato, 58, another former Bannon associate, also pleaded guilty and was sentenced to three years in prison at the same hearing. "The fraud perpetrated by Mr. Kolfage and Mr. Badolato went well beyond ripping off individual donors," Torres told the hearing. He also pleaded guilty to tax charges. In September, Bannon, 69, was indicted in New York state court in Manhattan on money laundering and conspiracy charges over the planned wall.
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.
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