Tag: private banking
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JPMorgan lays off about 1,000 former First Republic employees
[ad_1] JPMorgan Chase & Co. laid off about 1,000 former First Republic Bank employees Thursday, weeks after its takeover of the failed lender. The bank said about 85% of the former First Republic’s roughly 7,200 employees received full-time or transitional roles with JPMorgan. JPMorgan JPM, +0.24% said it had been transparent from the beginning with…
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JPMorgan raises net-interest-income guidance to reflect $3 billion bump from First Republic Bank takeover
[ad_1] JPMorgan Chase & Co. raised its net-interest-income guidance on Monday by $3 billion to reflect the bump it will get from its takeover of First Republic Bank. The bank is now expecting its 2023 net interest income (NII) to come to $84 billion, up from $81 billion forecast in April. That’s well above the…
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Banking group asks SEC for probe after alleging abusive short-selling practices
[ad_1] The trade group representing U.S. banks has asked the Securities and Exchange Commission to take action against what it calls market manipulation and abusive short-selling practices after the latest nosedive in the stock market. The American Bankers Association letter to SEC Chair Gensler is dated Thursday, which saw another round of mass selling of…
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The story of falling regional banks, as told in this Monty Python meme video
[ad_1] The best commentaries on finance can come from unusual places. The Twitter account Efficient Market Hype is known for an acerbic wit, which the user not infrequently channels into overlaying financial topics into meme videos. A new entry came with this video taken from the infamous Tis But a Scratch scene in Monty Python…
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‘We are running out of time to fix this problem’ — Bill Ackman’s latest warning on regional banks
[ad_1] That was hedge fund billionaire Bill Ackman back with his two cents on the regional banking system following the collapse of First Republic Bank and subsequent takeover by JPMorgan & Chase Co JPM earlier in the week. On Wednesday night, fellow regional lender PacWest Bancorp’s shares PACW plummeted after a report it was considering…
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Gold, silver climb as JPMorgan wins auction for First Republic business
[ad_1] Gold and silver prices climbed on Monday following JPMorgan Chase & Co. JPM winning an auction to take over troubled First Republic Bank’s business and deposits, as much of Europe celebrated the May Day holiday. Price action Market drivers Precious metals prices are up, with silver seeing especially pronounced gains, following the government takeover…
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U.S. stock futures steady after First Republic Bank becomes fourth U.S. lender to fail this year
[ad_1] U.S. stock futures were steady on Monday after the fourth U.S. bank failure of the year, which was announced along with a simultaneous takeover by JPMorgan Chase. What’s happening On Friday, the Dow Jones Industrial Average DJIA rose 272 points, or 0.8%, to 34098, the S&P 500 SPX increased 34 points, or 0.83%, to…
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JPMorgan to take over First Republic after regional bank was closed
[ad_1] JPMorgan Chase has won the auction to take over fallen First Republic Bank, the Federal Deposit Insurance Corp. announced early Monday morning. The deal will see America’s largest bank JPM assume all the deposits and “substantially all the assets” of First Republic FRC. The deal will see First Republic depositors — which include 11…
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First Republic asset sales would pose ‘contained damage’ to residential mortgage bond market, says Goldman
[ad_1] Any rescue plan of First Republic Bank that includes sales of its government backed residential mortgage bonds would likely result in “contained damage,” according to Goldman Sachs. First Republic FRC has returned to the spotlight in recent days as reports of a potential rescue effort of the bank emerged, including a Bloomberg report of…