First Republic Bank FRC -3.59% paid family members of founder James Herbert millions of dollars for work at the lender in recent years, including for advisory services related to interest rates and risk, according to public disclosures the bank made as part of annual filings. The bank paid Mr. Herbert, who was CEO before taking … Read more
First Republic Bank FRC 29.47% strengthens his ranks of advisors as the troubled lender tries to stay afloat and plan for a post-crisis future amid a transatlantic crisis of confidence in the banking system. The Bank of California this week tapped Lazard Ltd. LAZ 3.23% to help assess strategic options, such as a sale, a … Read more
When Elon Musk first started slashing prices on Tesla vehicles, some observers took it as a sign of weakness. It was anything but. Price cuts help Tesla (ticker: TSLA) sales and increase market share in Europe and elsewhere. New data shows that the electric vehicle maker’s European sales grew faster than any other automaker in … Read more
U.S. Treasury Secretary Janet Yellen testifies before the Senate Finance Committee on the proposed 2024 budget request, on Capitol Hill in Washington, DC, March 16, 2023. Andrew Caballero Reynolds | Afp | Getty Images Treasury Secretary Janet Yellen said on Tuesday that the government is ready to provide further deposit guarantees if the banking crisis … Read more
What’s next for the First Republic? Amazon lays off another 9,000 workers. Xi and Putin meet in Moscow for the second day. Here are the most important news items investors need to start their trading day: UBS’s “shotgun wedding” to Credit Suisse may have done the trick, at least for now, as US stock markets … Read more
CNBC’s David Faber reported Monday that JPMorgan Chase is advising on alternatives to the San Francisco bank, which has drawn Wall Street’s attention due to its large amount of uninsured deposits. Also adding to the sentiment was a Bloomberg News report that the Treasury Department is exploring whether regulators can temporarily insure deposits above the … Read more
A construction site security guard outside a bank branch of Credit Suisse Group AG in Bern, Switzerland, on Monday, March 20, 2023. Stefan Wermuth | Bloomberg | Getty Images This report comes from today’s CNBC Daily Open, our new newsletter for international markets. CNBC Daily Open brings investors up to speed with everything they need … Read more
Discussions, while tentative, focused on how the industry could arrange an investment that would bolster the bank’s capital, according to people familiar with the matter. One of the options on the table, people said, is an investment in First Republic by the banks themselves. Eleven major banks joined forces last week to deposit $30 billion … Read more
Top 10 things to watch Monday, March 20 1. Wall Street looks stable at the start of the week and ahead of the Fed’s interest rate decision Wednesday afternoon after the meeting. The market estimates about a 60% chance of a rate hike by a quarter point and a 40% chance of no hike as … Read more
S&P downgraded its credit rating from BB+ to B+ on Sunday after first downgrading to junk status last week. The rating remains at CreditWatch Negative, according to S&P. Shares of First Republic fell sharply this month as the collapse of Silicon Valley Bank caused investors to rethink other banks with large uninsured deposits. A trader … Read more