DIRS.INFO The most relevant business & tech news

☆ Hunter Biden Gets Indicted
▼ + stars: | 2023-09-15 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The House Oversight Committee wants to see more than 5,000 emails Vice President Biden sent using a pseudonym, while a third bank memorandum details further allegations of payments to the Biden family and its business associates. Images: AP/Zuma Press Composite: Mark KellyFive years after prosecutors began investigating his finances, three years after the laptop from hell was discovered, and two years after he published a memoir detailing his illegal drug use, Hunter Biden was charged Thursday for lying about his addiction when he bought a .38 revolver that ended up thrown in a trash can outside of a Delaware grocery store across the street from a high school.

Persons: Biden, Mark Kelly Five, Hunter Biden Organizations: Zuma Locations: Delaware

☆ A former biology teacher who bought a small-town bookstore explains how she made the business profitable and competes with behemoths like Amazon
▼ + stars: | 2023-09-15 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +14 min

Outside the front door of Main Street Books sits a three-tiered cart with neatly stacked brown bags filled with books. The "Curbside Pickup" cart, which sits outside Main Street Books, was born out of the coronavirus pandemic. Courtesy of Main Street BooksMain Street Books is on Main Street in Davidson, North Carolina, nestled between another local business, Summit Coffee, and a Fifth Third Bank. In 2018, the best-selling author David Sedaris came to Main Street Books for a reading. When the COVID-19 pandemic hit in March 2020, like most businesses, Main Street Books was forced to close.

Persons: Adah Fitzgerald, she's, she'd, —, bookstore's, They're, it's, Fitzgerald, — Barbara Freund, Betty Reinke —, stepdad, David Sedaris, Fitzgerald didn't, That's, Andrea Jasmin, Beth Helfrich, Catherine Edmondson, Kendra Adachi, QuickBooks Organizations: Small, Service, Fifth Third Bank, Books, Woodlawn School, Davidson College, Street Books, American Booksellers Association Locations: breakeven, Davidson , North Carolina, Davidson

☆ Impeachment Is the New Censure
▼ + stars: | 2023-09-12 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The House Oversight Committee wants to see more than 5,000 emails Vice President Biden sent using a pseudonym, while a third bank memorandum details further allegations of payments to the Biden family and its business associates. Images: AP/Zuma Press Composite: Mark KellyAfter Democrats impeached President Trump over his phone call with Ukraine’s President in 2019, we wrote that “the House has defined impeachment down to a standard that will now make more impeachments likely.” Well, here we are, as House Speaker Kevin McCarthy said Tuesday that Republicans will open an impeachment inquiry into President Biden.

Persons: Biden, Mark Kelly, Trump, Kevin McCarthy Organizations: Zuma

☆ Conservatives hope Supreme Court defangs US consumer watchdog
▼ + stars: | 2023-09-12 | by ( John Kruzel | ) www.reuters.com time to read: +6 min

But the watchdog's future may be in peril thanks to a case now before the U.S. Supreme Court. Pro-business conservatives and their Republican allies believe the court fight has brought them closer than ever to dismantling the CFPB. Congress, then controlled by Democrats, authorized the agency to supervise certain financial institutions' compliance with federal consumer laws, backed by the threat of lawsuits and fines. Circuit Court of Appeals last October ruled that the agency's funding structure violated the Constitution. Biden's administration told the Supreme Court that the CFPB's funding structure approved by Congress - with a fixed amount going to the agency annually - was effectively "a standing, capped lump-sum appropriation."

Persons: Clarence Thomas, Samuel Alito, Kevin Wurm, Wells, Joe Biden's, Ellen Harnick, Barack Obama, Mick Mulvaney, Donald Trump, Mulvaney, John Kruzel, Douglas Gillison, Will Dunham, Scott Malone Organizations: U.S, Supreme, REUTERS, Rights, Consumer Financial, Bureau, Fifth Third Bank, U.S . Federal, Congress, Center for Responsible, Republican, Democrats, Republicans, Republican U.S, Community Financial Services Association of America, Consumer Service Alliance of Texas, Circuit, Trump, Federal Deposit Insurance Corporation, Office, Federal Reserve, Thomson Locations: Washington , U.S, New Orleans

☆ Peter Navarro’s Contempt Conviction
▼ + stars: | 2023-09-09 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The House Oversight Committee wants to see more than 5,000 emails Vice President Biden sent using a pseudonym, while a third bank memorandum details further allegations of payments to the Biden family and its business associates. Images: AP/Zuma Press Composite: Mark KellyA federal jury convicted Peter Navarro of contempt of Congress Thursday, and the former Trump trade adviser could face jail time for defying a lawful Congressional subpoena. Mr. Navarro knew what he was doing and earned the verdict. But the shame is that some on the right will defend him because of the Justice Department’s double standard on contempt prosecutions.

Persons: Biden, Mark Kelly, Peter Navarro, Trump, Navarro, Department’s Organizations: Zuma

☆ FDIC says it should have supervised First Republic more closely
▼ + stars: | 2023-09-08 | by ( Pete Schroeder | ) www.reuters.com time to read: +3 min

FILE PHOTO: A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. However, the FDIC added that its supervisors were too “generous” in gauging some of First Republic’s risks, notably around interest rates and uninsured deposits. First Republic was subsequently seized by the FDIC and most of its assets sold to JPMorgan Chase. Similarly, the FDIC found in its April post-mortem of the Signature failure that the agency lacked resources to properly supervise the bank as management pursued an overly aggressive growth strategy. “Both regulation and supervision must be strengthened,” said CEO Dennis Kelleher of Better Markets, a group favoring tougher regulation, in response to the report.

Persons: Mike Segar, “, Friday’s, ”, Dennis Kelleher Organizations: WASHINGTON, Federal Deposit Insurance Corp, Republic, First, First Republic Bank, REUTERS, FDIC, Silicon Valley Bank, JPMorgan Chase, Bank, Federal Reserve, Congress, Better Locations: First Republic, Midtown Manhattan, New York City , New York, U.S, California, Republic, Silicon, New York

☆ FDIC says supervisors could have been more aggressive before First Republic's failure
▼ + stars: | 2023-09-08 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

FILE PHOTO: A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. However, it added bank supervisors were too “generous” in gauging some of its risks, notably around interest rates and a high level of uninsured deposits. First Republic’s collapse, which saw the bank seized by regulators and most of its assets sold to JPMorgan Chase, was the second largest bank failure in American history. It however said the bank likely would have been more resilient to the spreading panic had supervisors criticized bank management practices sooner. The FDIC ultimately found that its supervision team was timely in examining First Republic and producing its findings.

Persons: Mike Segar, JPMorgan Chase, “ Organizations: WASHINGTON, Republic, First, First Republic Bank, REUTERS, Deposit Insurance Corporation, Silicon Valley Bank, JPMorgan, FDIC Locations: U.S, First Republic, Midtown Manhattan, New York City , New York, Silicon, Washington

☆ Mitch McConnell Agonistes
▼ + stars: | 2023-09-02 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The House Oversight Committee wants to see more than 5,000 emails Vice President Biden sent using a pseudonym, while a third bank memorandum details further allegations of payments to the Biden family and its business associates. Images: AP/Zuma Press Composite: Mark KellyYou can tell who’s loved and hated in Washington by the way they’re treated when they have a health issue. President Biden stumbles through his first term, and is tripping toward another, with nary a notice from the Democratic-media complex about his obvious physical and mental decline. But GOP Senate leader Mitch McConnell freezes up twice in five weeks before the cameras and he’s supposed to resign forthwith.

Persons: Biden, Mark Kelly, who’s, Mitch McConnell Organizations: Zuma, Democratic Locations: Washington

☆ WSJ Opinion: Biden's Secret Emails and the Third Bank Records Memo
▼ + stars: | 2023-09-01 | by ( ) www.wsj.com time to read: 1 min

Jobs and Recession Fears: Analyzing the Latest Nonfarm Payrolls ReportSofter data this summer pumped up stock prices but recent data shows it’s not yet all good. We’ll unpack the latest jobs report, which will set the stage for where the market moves next and explain what it tells us about inflation. Photo: John Moore

Persons: We’ll, John Moore

☆ What does Moody’s downgrade mean for markets?
▼ + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.

Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, ”, Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York

☆ Here's exactly how much I made as a JP Morgan trader and Buzzfeed account executive. I have no regrets leaving behind my $656K job to become my own boss.
▼ + stars: | 2023-07-19 | by ( Aria Yang | ) www.businessinsider.com time to read: +8 min

Tu says leaving Wall Street was one of the best decisions she's ever made. I wanted to go on to Wall Street because that's what everybody else was doing. I chose Wall Street because a lot of my friends were interviewing for Wall Street jobs, and I didn't want to be left behind. I had never really thought about investing or growing my wealth until I hit the desk on Wall Street. Buzzfeed:Digital Media Strategy Salesperson, $80K base salary + commissionsAccount Executive, Client Partnerships, $100K base salary + $127K commissionsSenior Account Executive, Client Partnerships (2020), $110K base salary + $252K commissionsSenior Account Executive, Client Partnerships (2021), $120K base salary + $536K commissionsI worked on the digital marketing strategy sales team at BuzzFeed, focusing on establishing partnerships with brands.

Persons: Vivian Tu, Morgan, she's, —, JP, JP Morgan, Rich BFF, it's, I've, Rich, Aria Yang Organizations: University of Chicago, Wall, Chicago, Fifth Third Bank, JP Morgan, Media, BuzzFeed, YouTube Locations: BuzzFeed

May enroll in U.S. Bank Smart Rewards if you meet certain requirements Cons Dash icon A dash. Savings Account 3.75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.03% Minimum Deposit Amount $25 Fees $1 Start savingSantander® Bank, N.A. Savings Account 3.75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) 0.03% Minimum Deposit Amount $25 Fees $1 View Full Details Start saving On Santander Bank's site. Low APY Dash icon A dash. $5 maintenance fee per quarter if you don't have at least $5 in your account Dash icon A dash.

Persons: Juntos, Wells, You'll, APY, Del, Garland, Weslaco, Adams, PAHO, it's, that's, Pablo DeFilippi, Juntos Avanzamos, DeFilippi, Banks, you'll, NCUA Organizations: Bank of America Bank of America, of America, FDIC Bank of America, Bank of America, Chevron, Dominican, . Department of State Diplomat, Insider's Bank of America, Wells, Wells Fargo Bank, U.S . Bank U.S . Bank, Bank, . Bank, FDIC, Bank Smart, Savings, TN, WY, Reading Chevron, U.S, Consular, Santander Bank Santander ® Bank, N.A, Santander ® Bank, Santander, Santander Bank, Insider's Santander, Fifth Third Bank, Third Express Banking, Fifth, Third, Hope Credit Union Hope Credit, Hope Credit, Credit, Hope Credit Union, River City Credit Union, Federal Credit Union, City Federal Credit Union, River City Federal Credit, City Federal Credit, Guadalupe Credit Union Guadalupe Credit Union, Guadalupe Credit Union, Guadalupe Credit, Tucoemas Credit Union, Federal Credit, Tucoemas Federal, Tuceomas Federal, NCUA, JetStream, JetStream Credit, Hope, North, North Jersey Federal Credit Union North, North Jersey Federal Credit Union North Jersey Federal Credit Union, Jersey Federal Credit Union, North Jersey Federal Credit, Union Counties, Rio Grande Credit, Rio, Brooklyn Cooperative, Brooklyn Cooperative Brooklyn Cooperative, Brooklyn, Brooklyn Cooperative's, Border Federal Credit Union Border Federal Credit Union, Border Federal Credit, Sutton, Caprock Federal Credit Union, Federal, Caprock Federal, Coastal, Federal Credit Union Coastal Community Federal, Coastal Community Federal, Coastal Community Federal Credit, FirstLight Federal Credit Union, FirstLight Federal, Bliss, Union, One, Rocket Federal Credit Union, Security, Credit Union Security First Credit, Credit Union, Star, Texas Credit Union Star of Texas Credit, Texas Credit, Star of Texas Credit, DC Credit Union DC Credit, DC Credit, American, Washington DC, DC, WHO, Union PAHO, WHO Federal Credit Union, PAHO, Pan American Health Organization, World Health Organization, CORE, Georgetown University, Georgetown Unversity, US Citizen, Inclusiv, Community Locations: Dominican Republic, Colombian, Wells Fargo Wells, Wells Fargo, AZ, CA, IA, KS, KY, MN, NV, NM, NC, UT, WA, WI, Santander Bank's, Santander, Mexican, Midwest, LA, Alabama , Arkansas , Louisiana , Missouri, Tennessee, River City, City, River, San Antonio , Texas, Bexar County, New Mexico, Santa Fe, Espanola, Mora , Taos, Rio Arriba , Taos , Torrance, San Miguel, Colfax, Mora County, Tucoemas, California, Visalia, Tulare, Porterville, Tulare County , California, Miami , Florida, Puerto Rico, North Jersey, North Jersey Federal Credit Union North Jersey, Jersey, American, New Jersey, Totowa, Newark, Elmwood, Bergen , Essex, Hudson , Middlesex, Morris , Passaic, Rio Grande, Albuquerque, Rio Rancho, Bernalillo County, Sandoval County, Brooklyn Cooperative Brooklyn, New York, Bushwick, Bedford, Stuyvesant, Brooklyn, Chevron, Texas, Del Rio, Eagle, Crystal City, Crockett, Dimmit, Edwards, Frio, Kinney, LaSalle, Maverick, Real, Terrell, Uvalde, Val Verde, Zavala, Caprock, Seminole, Borden County, Dawson County, Lynn County, Gaines County, Garza, Galveston , Texas, Galveston County, FirstLight, El Paso , Texas, Las Cruces , New Mexico, El Paso County, Dona Ana, Atascosa, Bandera, Bexar, Comal, Guadalupe, Kendall, Medina, Wilson, Carrollton, Cedar Hill, Dallas, Irving, Houston, Mesquite, Garland, Dallas County, Houston County, McGregor , Texas, Brownsville, Edinburg, Harlingen, McAllen, Mission, San Benito, Eastside San Antonio, Odessa, Midland, Midland County, Ector, Austin , Texas, Travis County, Washington, Adams Mortgan, Mt Pleasant, Columbia, Georgetown

☆ This regional bank is a 'compelling value’ amid tough time for sector, Piper Sandler says
▼ + stars: | 2023-06-15 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Recent updates from bank executives reinforce the idea that while deposits have stabilized, the industry faces pressure from rising funding costs, weaker lending and coming regulations, according to Piper Sandler analysts. The analysts named two picks for the current environment: "From here, our favorite large regional is Fifth Third Bank , and we find U.S. Bank a compelling value for patient investors," Siefers wrote. Regional bank stocks have r ebounded off the year's lows in recent weeks. The analyst said that customers' move away from non-interest bearing deposits and falling demand for loans have prompted several regional banks to lower their 2023 guidance for net interest income. Fifth Third Bank is "now among the most conservative on through-the-cycle [deposit] assumptions and preparedness for a sustained challenging environment," Siefers wrote.

Persons: Piper Sandler, Scott Siefers, Siefers, Piper Sander, CNBC's Michael Bloom Organizations: Fifth Third Bank, U.S, Bank, Silicon Valley Bank Locations: Silicon

☆ Logs show Fed's Powell in whirlwind of meetings during March banking turmoil
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

That was five days before UBS agreed to buy Credit Suisse in a deal engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. The bank failed March 10 and a smaller bank, Signature Bank, was taken over by banking regulators on March 12. The schedule shows Powell working two weeks straight from that point. Meetings were scheduled through both of the following weekends to come up with backstops to prevent the turmoil from cascading into a system-wide crisis with wider economic fallout. The pace was reminiscent of his schedule in March 2020, when the onset of the coronavirus pandemic forced the Fed onto a crisis footing.

Persons: Jerome Powell, Powell, Ralph Hamers, Dan Burns, Chizu Organizations: UBS Group AG, Swiss, Credit Suisse, Fed, UBS, Silicon, Bank, Signature Bank, Treasury, Office, Currency, Federal Deposit Insurance Corp, Federal Reserve, Thomson Locations: U.S, Republic

☆ Wall Street analysts like these regional bank stocks if you can withstand the chaos in the market
▼ + stars: | 2023-05-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The continued slide for regional bank stocks after the failure of First Republic last week has created some buying opportunities in the sector, according to Wall Street analysts. "We believe this recent stock reaction is overdone as there is currently no evidence of accelerating deposit outflows. We see accelerating deposit costs, not accelerating deposit outflows, as the most significant headwind for the midcap banks over the next several quarters," Gosalia wrote. Huntington and Webster also rise to the top of the heap for RBC Capital Markets analyst Jon Arfstrom. Both Huntington and Webster are down about 30% for the year, which is better than the SPDR S & P Regional Banking ETF (KRE).

☆ The Week in Business: The 10th Straight Rate Increase
▼ + stars: | 2023-05-07 | by ( Marie Solis | ) www.nytimes.com time to read: +4 min

It was the third consecutive increase of that size and the 10th straight rate increase since last March. This encroaching deadline presents a tricky political problem for Mr. Biden. Republicans are trying to extract concessions from Mr. Biden that would significantly undermine his agenda. He could negotiate spending cuts but divorce those discussions from the debt limit. There is one other possible option: a constitutional challenge to the debt limit, a long-shot plan that would rely on a clause in the 14th Amendment.

☆ Fifth Third Bank CEO expects core deposit balances to be stable through year end
▼ + stars: | 2023-05-05 | 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 EmailFifth Third Bank CEO expects core deposit balances to be stable through year endFifth Third Bank CEO Timothy Spence joins 'Squawk on the Street' to discuss what he sees ahead in the financial sector after a heavy regional banking sell-off.

☆ Banking 'cancer' may be spreading as otherwise healthy firms seem vulnerable and credit gets pulled from the economy, Mohamed El-Erian says
▼ + stars: | 2023-05-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Banking sector "cancer" is starting to spread, Mohamed El-Erian said. Other regional lenders have shown signs of weakness after First Republic Bank failed this week. Widespread contagion would turn the banking situation into a true crisis, El-Erian warned. "The cancer within them is starting to spread, and we've got to keep an eye on that," he added. Credit conditions are also beginning to tighten, and the risks of further contraction go up as banking contagion spreads.

May 3 (Reuters) - PacWest Bancorp (PACW.O) is exploring strategic options including a sale or capital raising, a source familiar with the matter said, sending the shares of the bank and several other U.S. regional lenders tumbling in after-market trading. The Phoenix-based regional lender said it was "reaffirming its financial strength as well as its deposit growth guidance in response to recent industry events." PacWest stock has lost almost 90% of its value since the regional banking crisis started on March 8. Zion Bancorp (ZION.O), First Horizon (FHN.N) and Comerica (CMA.N) each slumped more than 7% and the SPDR S&P Regional Banking ETF (KRE.P) dropped 5%. The cost of insuring against further losses in regional U.S. bank stocks stood on Wednesday near a one-month high in options markets.

As each domino falls, the next weakest bank begins to wobble," billionaire investor Bill Ackman wrote in a tweet. PacWest stock has lost almost 90% of its value since the regional banking crisis started on March 8. Zion Bancorporation (ZION.O), Comerica (CMA.N) and First Horizon (FHN.N) each slumped more than 7% and the SPDR S&P Regional Banking ETF (KRE.P) dropped 5%. The cost of insuring against further losses in regional U.S. bank stocks stood on Wednesday near a one-month high in options markets. On Wednesday a source said the lender was looking at options that include a potential sale or capital raise.

☆ Pressure grows for US regulatory intervention as bank rout deepens
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +4 min

"Investors are clearly continuing to focus on remaining players that are deemed the weakest," wrote UBS banking analyst Erika Najarian on Thursday. The Federal Deposit Insurance Corp. did not respond to a request for comment. Critics say increasing deposit insurance could encourage risk-taking, and note regulators have fewer tools to rescue banks following the 2008 financial crisis. The latest crisis began in March when runs on Silicon Valley Bank and Signature Bank led to their abrupt closures, leading depositors to move their cash to bigger banks. To stem the contagion, regulators took emergency steps to reimburse all customers at the two banks, while the Fed offered lenders additional liquidity.

☆ Sheila Bair to Jerome Powell: Stop trying to look so tough on inflation. It will backfire
▼ + stars: | 2023-05-02 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The Fed’s war on inflation has piled pressure on the banking system, contributing to the significant stress on the banking system. “I would say hit pause,” Bair told CNN in a phone interview on Monday. I know they want to look tough, but at some point, they look weak,” Bair said. Bair argues the Fed needs “more thought” about the impact these monetary policy decisions are having on the stability of the banking system. “It sounds scary but in the context of the entire banking system, it’s not huge.

On Monday morning, the federal government took over a third failing bank — this time, First Republic. Jeanna Smialek, an economy correspondent for The Times, discusses whether we are at the end of the banking crisis or the start of a new phase of financial pain.

☆ US stocks fall as investors prepare for another interest rate hike from the Fed
▼ + stars: | 2023-05-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks fell about 1% on Tuesday as investors prepare for another interest rate hike despite an ongoing banking crisis. The Federal Reserve is expected to hike interest rates by 25 basis points at its Wednesday FOMC meeting. Regional bank stocks were crushed on Tuesday just one day after JPMorgan acquired First Republic Bank. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Investors also have their eyes on corporate earnings, with Apple set to report quarterly results after the market close on Thursday.

☆ 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.

Search resuls for: "Third Bank"

25 mentions found