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The deal talks went down to the wire, according to two sources familiar with the situation. Four bidders, including JPMorgan, made it to the final rounds of the auction on Sunday night, one of the sources said. The final deal, announced around 3:30 a.m., cements Dimon's reputation as one of Wall Street's most powerful bankers. JPMorgan started a process internally, which looked at various options for First Republic, including an acquisition, according to a source familiar with the matter. The auction dragged out through the night as the FDIC's advisors examined each bid on its merits, a source familiar with the matter said.

☆ NYSE to delist First Republic Bank shares
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - The New York Stock Exchange said on Tuesday it will delist shares of First Republic Bank (FRC.N), the lender that was seized by regulators before JPMorgan Chase & Co (JPM.N) acquired most of its assets. Apart from the company's common stock, seven different types of its preferred stock will also be delisted. Trading in all the shares will be suspended immediately, the exchange said. First Republic was acquired by Merrill Lynch in 2007. California regulators on Monday seized First Republic and put it into Federal Deposit Insurance Corp receivership, marking the third major U.S. bank failure in two months and the largest since Washington Mutual in 2008.

NEW YORK, April 30 (Reuters) - PNC Financial Services Group (PNC.N) and JPMorgan Chase & Co (JPM.N) were among banks set to submit final bids for First Republic Bank (FRC.N) by midday Sunday in an auction being run by U.S. regulators, sources familiar with the matter said. Citizens Financial Group Inc (CFG.N) was another bidder in the final phase of the process, according to one of the sources familiar with the matter. Guggenheim Securities is advising the FDIC, two sources familiar with the matter said on Saturday. Citizens Financial Group Inc (CFG.N) was another bidder vying for the bank, according to sources familiar with the matter on Saturday. But fearing further bank runs, regulators took the exceptional step of insuring all deposits at both Silicon Valley Bank and Signature.

☆ FDIC prepares to place First Republic under receivership
▼ + stars: | 2023-04-29 | by ( Greg Roumeliotis | ) www.reuters.com time to read: +4 min

April 28 (Reuters) - The U.S. Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank (FRC.N) under receivership imminently, a person familiar with the matter said on Friday, sending shares of the lender down nearly 50% in extended trading. The FDIC asked banks including JPMorgan Chase & Co (JPM.N) and PNC Financial Services Group (PNC.N) to submit final bids for First Republic Bank by Sunday, Bloomberg News reported on Saturday. If the San Francisco-based lender falls into receivership, it would be the third U.S. bank to collapse since March. Shares of some other regional banks also fell, with PacWest Bancorp (PACW.O) down 2% after the bell while Western Alliance (WAL.N) was down 0.7%. "The rest of the regional bank system feels like it's in a different place than where FRC is," he said.

Guggenheim Securities is advising the U.S. Federal Deposit Insurance Corp (FDIC) on the sale process, two sources familiar with the matter said. The process kicked off this week after First Republic, which got swept up in a banking crisis last month, failed to come up with a deal without government help, three of the sources familiar with the situation said. A deal for First Republic would come less then two months after Silicon Valley Bank and Signature Bank failed amid a deposit flight from U.S. lenders, forcing the Federal Reserve to step in with emergency measures to calm markets. A sale would bring to an end a weeks-long effort by First Republic to survive the market rout. When that deal failed to stabilize First Republic, the lender, known best for its rich clientele, tried to find other private-sector solutions.

☆ FDIC prepares to place First Republic under receivership -source
▼ + stars: | 2023-04-28 | by ( Greg Roumeliotis | ) www.reuters.com time to read: +3 min

NEW YORK (Reuters) -The U.S. Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank under receivership imminently, a person familiar with the matter said on Friday, sending shares of the lender down nearly 50% in extended trading. A person stands in front of a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. First Republic said earlier this week its deposits had slumped by more than $100 billion in the first quarter. First Republic and FDIC representatives did not immediately respond to requests for comment. Shares of some other regional banks also fell with PacWest Bancorp down 2% after the bell while Western Alliance was down 0.7%.

☆ Analysis: China rebound buoys hopes for stronger-than-expected US, Europe earnings
▼ + stars: | 2023-04-24 | by ( Joice Alves | ) www.reuters.com time to read: +6 min

But recent data and upbeat comments from major companies like LVMH (LVMH.PA), Europe's most valuable listed company, about business in China have given investors some cause for optimism. Refinitiv I/B/E/S data points to a 2.5% decline in earnings growth in the first quarter for STOXX 600 (.STOXX) companies, down from a forecast for 5.4% growth prior to the banking chaos. Europe is headed for a recession too, the data shows, with a drop in earnings of 5.4% expected in the second quarter. But stubbornly high inflation means major central banks are expected to continue to hike rates, at least in May. European financials are expected to report first-quarter earnings growth of 31%, according to Refinitiv.

☆ They found a hole in the ocean near Mexico, and you could fit all of Bank of America's skyscraper HQ into it — but don't do that because it's an ecological marvel
▼ + stars: | 2023-04-24 | by ( Nicholas Carlson | ) www.businessinsider.com time to read: +3 min

There's a 900-foot deep hole, now called The Taam ja' Blue Hole, off the Eastern coast of Mexico. The deepest is the Sansha Yongle Blue Hole near China. The Taam ja' Blue Hole is full of marine life. The deepest is the Sansha Yongle Blue Hole near China. The Taam ja' Blue Hole is 900 feet deep, a new study found.

☆ Factbox: How big US banks are managing bad loan reserves
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

[1/2] A J.P. Morgan logo is seen outside the JPMorgan bank offices in Paris, France, January 27, 2023. REUTERS/Sarah MeyssonnierApril 17 (Reuters) - U.S. banking heavyweights set aside billions of dollars in the first quarter to account for potential bad loans, as rising interest rates turn up the heat on borrowers who are just starting to see some relief from inflation. Below is an outline of how banks have managed their reserves since 2020:JPMorgan Chase & Co (JPM.N)Bank of America Corp (BAC.N)Goldman Sachs Group Inc (GS.N)Citigroup Inc (C.N)Wells Fargo & Co (WFC.N)Morgan Stanley (MS.N)Source: Company statementsReporting by Manya Saini and Niket Nishant in Bengaluru; editing by Deepa Babington and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Morgan Stanley profit beats as wealth business cushions deals slump
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +4 min

[1/2] A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas JacksonApril 19 (Reuters) - Morgan Stanley's first-quarter profit beat expectations as rising revenue from its wealth management division offset declines in its investment banking and trading units. The downswing in investment banking activity for Morgan Stanley, which forms the core of the bank's business, dragged total revenue down nearly 2% to $14.5 billion in the quarter. Meanwhile, revenue from equities trading fell 14%, while fixed income trading dropped 12%. While investment banks like Morgan Stanley and Goldman remain relatively insulated from the broader contagion worries of the crisis, the resultant uncertainty has again hurt the outlook for dealmaking, dampening hopes of recovery in the near-term.

[1/2] A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The company "had a strong Q1 as higher interest rates continued to boost its net interest margin despite rising deposit costs," David Fanger, senior vice president at Moody's Investors Service, said. Reuters GraphicsEconomists expect the U.S. economy to slow in the second half of the year as the Federal Reserve raises interest rates to tame inflation. It expects NII to fall 2% in the second quarter compared with the first three months of this year. The company's revenue, net of interest expense, increased 13% to $26.3 billion, beating estimates of $25.13 billion.

April 18 (Reuters) - Goldman Sachs Group Inc's (GS.N) profit fell 19% as dealmaking and bond trading slumped in the first quarter and it lost money on the sale of some assets in its consumer business. Goldman booked a $470 million loss on the sale of some loans from Marcus, dragging down first quarter results. The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. But deposits held in the Marcus business remain core to Goldman and are not under review, a source familiar with the matter had told Reuters earlier this year. Goldman's lackluster trading results contrast with those of Bank of America Corp (BAC.N), which also reported earnings on Tuesday.

☆ More US consumers are falling behind on payments
▼ + stars: | 2023-04-18 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +4 min

REUTERS/Andrew KellyNEW YORK, April 18 (Reuters) - Consumers are starting to fall behind on their credit card and loan payments as the economy softens, according to executives at the biggest U.S. banks, although they said delinquency levels were still modest. Citigroup also made larger provisions for credit losses even as it brought in more revenue from clients' interest payments on credit cards. "We have tightened credit standards specifically as a result of the current market environment in cards, we continue to calibrate our credit underwriting based on what we're seeing based on macroeconomic trends," Mason said. "The consumer's in great shape in terms of credit quality by any historical standards. Some of JPMorgan's customers were starting to fall behind on payments, but delinquency levels were still modest, said Jeremy Barnum, finance chief at the largest U.S. lender.

Wall Street closed lower on Friday after mixed economic data appeared to affirm another Fed interest rate hike in May, dampening investor enthusiasm after a series of big U.S. bank earnings launched the first-quarter reporting season. "Regional bank earnings will come in very slightly positive, while bigger banks will probably post surprisingly positive results." Other major U.S. banks including Goldman Sachs Group Inc (GS.N), Bank of America Corp (BAC.N) and Morgan Stanley (MS.N) will report through the week. ET, Dow e-minis were up 35 points, or 0.10%, S&P 500 e-minis were up 1.75 points, or 0.04%, and Nasdaq 100 e-minis were down 3.75 points, or 0.03%. Prometheus Biosciences Inc (RXDX.O) rallied 69.9% after Merck & Co (MRK.N) said it will buy the biotech company for about $10.8 billion.

☆ Futures subdued as investors eye bank earnings, Fed cues
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.07%, S&P 0.10%, Nasdaq 0.01%April 17 (Reuters) - U.S. stock index futures were largely flat on Monday as investors awaited more bank earnings and views from Federal Reserve policymakers that could shape expectations around when the central bank will pause its monetary policy tightening. Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Fed interest rate hike in May, dampening investor enthusiasm after a series of big U.S. bank earnings launched the first-quarter reporting season. U.S. central bank officials including New York Fed President John Williams and Cleveland Fed President Loretta Mester are scheduled to speak later this week. ET (1230 GMT) is expected to show business conditions in New York state improved in April after slumping in the previous month. ET, Dow e-minis were up 24 points, or 0.07%, S&P 500 e-minis were up 4.25 points, or 0.10%, and Nasdaq 100 e-minis were up 1 point, or 0.01%.

☆ Factbox: How big U.S. banks are managing bad loan reserves
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: 1 min

Wall Street closed lower on Friday after mixed economic data appeared to affirm another Fed rate hike in May, dampening investor enthusiasm after a series of big U.S. bank earnings launched the first-quarter reporting season. Other major U.S. banks including Goldman Sachs Group Inc (GS.N), Bank of America Corp (BAC.N) and Morgan Stanley (MS.N) will report through the week. "Regional bank earnings will come in very slightly positive, while bigger banks will probably post surprisingly positive results," said Sam Stovall, chief investment strategist at CFRA Research. Prometheus Biosciences Inc (RXDX.O) rallied 69.5% on Merck & Co's (MRK.N) plans to buy the biotech company for about $10.8 billion. The S&P index recorded nine new 52-week highs and one new low, while the Nasdaq recorded 29 new highs and 55 new lows.

☆ Wall St dips to lower close as rate hike bets firm, banks jump
▼ + stars: | 2023-04-14 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"Today we're taking bit of a breather," said Sal Bruno, chief investment officer at IndexIQ in New York. Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) beat earnings expectations, benefiting from rising interest rates and easing fears of stress in the banking system. The S&P 500 banking sector (.SPXBK) jumped 3.5% and JPMorgan Chase surged 7.6%, its biggest one-day percentage gain since Nov. 9, 2020. Among the 11 major sectors of the S&P 500, seven ended the session lower, with real estate (.SPLRCR) falling most. The S&P 500 posted 11 new 52-week highs and two new lows; the Nasdaq Composite recorded 47 new highs and 205 new lows.

That makes the business less than half the size of Bank of America Corp's (BAC.N) Merrill Wealth Management arm, the $18-billion behemoth Sieg ran until he left last month. Another challenge is that Citi has historically been undersized and a bit of a laggard in the space...especially in the wealth business where it’s all about existing relationships." In some ways, Citigroup is playing catchup after selling its old wealth business, Smith Barney, a decade ago to Morgan Stanley, which then leaned heavily into wealth management. That bet paid off - Morgan Stanley's wealth unit, led by Andy Saperstein, brought in record revenue last year. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth division.

☆ Wall St slides as rate hike expectations firm, banks surge
▼ + stars: | 2023-04-14 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"As expected, the bigger banks were probably not harmed that much by the regional banking turmoil, and possibly even beneficiaries of it," Mayfield added. "We saw mostly strong and healthy balance sheets, and it's pretty clear (the regional banking) crisis isn't systemic." The S&P 500 banking sector (.SPXBK) jumped 3.4% and JPMorgan Chase surged 7.3%, setting itself up for its biggest one-day percentage gain since Nov. 9, 2020. Among the 11 major sectors of the S&P 500, financials (.SPSY) were the sole gainers. The S&P 500 posted nine new 52-week highs and two new lows; the Nasdaq Composite recorded 37 new highs and 182 new lows.

☆ BBVA, Santander, Bank of America want to back Mexico's $6 billion power deal, Bloomberg reports
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid, Spain, May 23, 2018. REUTERS/Sergio Perez/File PhotoApril 13 (Reuters) - Banco Bilbao Vizcaya Argentaria (BBVA.MC), Banco Santander SA (SAN.MC) and Bank of America Corp (BAC.N) together plan to fund Mexico's $6 billion deal to purchase power plants from Spain's Iberdrola (IBE.MC), Bloomberg News reported on Thursday citing people familiar with the talks. The three lenders are among a consortium looking to finance the deal, the report said, with local banks such as Grupo Financiero Banorte and billionaire Carlos Slim's Grupo Financiero Inbursa also interested. The Bank of America declined to comment on the report, while Banco Bilbao Vizcaya Argentaria, Banco Santander SA and Iberdrola did not immediately respond to Reuters' requests for comment. Reporting by Nilutpal Timsina in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Buffett: Do not panic about U.S. banking industry
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Warren Buffett on Wednesday said people should not be panicked about the banking industry or the safety of U.S. bank deposits, despite the recent failures of Silicon Valley Bank and Signature Bank. People "do not need to be panicked" about the banking industry and "shouldn't be worried about deposits they have in an American bank," a message that has recently gotten "confused" and "mixed up," Buffett said. "It does really, really affect the system when people lose confidence in banks," he said. Silicon Valley Bank collapsed on March 10 after losses on fixed-income investments left it short of capital, triggering a bank run. Buffett was speaking from Tokyo, where he was visiting five large Japanese trading houses in which Berkshire has investments.

☆ U.S. banks that shored up First Republic pushed to boost reserves - Bloomberg News
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Several major U.S. banks who contributed a significant portion of the $30 billion in deposits to aid First Republic Bank (FRC.N) last month, are now planning to bolster their reserves by setting aside around $100 million each, Bloomberg reported. Banks' decision to strengthen their reserves is driven by accounting regulations that require provisions to be set aside for potential losses across various assets, the report addded. First Republic, Citi Bank and JPMorgan declined to comment on the report. Bank of America and Wells Fargo did not immediately respond to Reuters' requests for a comment. Eleven lenders, including the eight members of the Financial Services Forum, threw First Republic a lifeline of a combined $30 billion in deposits last month.

☆ Buffett: Do not panic about U.S. banks and deposits
▼ + stars: | 2023-04-12 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Warren Buffett said people should not be panicked about the banking industry or the safety of U.S. bank deposits, despite the recent failures of Silicon Valley Bank and Signature Bank. "People shouldn't be worried about losing their money and their deposits they have in an American bank, but the message has gotten very confused," Buffett, 92, said on CNBC. Berkshire's equity portfolio includes several banks, including a $34.2 billion year-end stake in Bank of America Corp (BAC.N). Buffett says banks have "mismanaged" assets and liabilities for a long time, and "every now and then it bites them in a big way." Buffett also said he would bet $1 million that no American depositor would lose money from a bank failure in the next year.

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