The New York Stock Exchange said on Tuesday it will delist shares of First Republic Bank , the lender that was seized by regulators before JPMorgan Chase & Co acquired most of its assets.
On March 12, as several U.S. banks reeled from a crisis in confidence, JPMorgan Chase & Co put its might behind First Republic Bank, giving the troubled lender what two sources said was a $10 billion financing.
Investors breathed easier on Monday after a weekend auction found a buyer for troubled First Republic Bank , though some said they were worried the crisis in regional banks is not over and hedge funds bet other dominos may still fall.
HSBC tripled its profit in the first quarter as rising interest rates boosted its income, beating analyst forecasts and helping the bank pay its first quarterly dividend since 2019.
Big money managers gathered at the Milken Institute Global Conference, in Beverly Hills, California, on Monday to discuss the environment for investments amid higher interest rates, sticky inflation, banking turmoil and geopolitical tension.
Shares of several regional lenders fell on Monday after the collapse of First Republic Bank , the third major casualty of the biggest crisis to hit the U.S. banking sector since 2008.
Morgan Stanley is planning to eliminate about 3,000 jobs in the second quarter, a source told Reuters on Monday, in its second round of job cuts in six months.
Longtime Kleiner Perkins partner Wen Hsieh is leaving the Silicon Valley venture capital establishment to start a fund with backing from the firm and Taiwanese chipmaker TSMC , sources told Reuters.
Regulators seized First Republic Bank and sold its assets to JPMorgan Chase & Co on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil.
The U.S. Treasury Department said on Monday that authorities took “decisive actions” in response to the failures of First Republic Bank, Silicon Valley Bank and Signature Bank to strengthen public confidence in the banking system and would continue to do so.
