First Republic Bank

The Frankfurt-listed shares of First Republic Bank rose as much as 5% in in early trading on Friday after large U.S. banks injected $30 billion in deposits ...

banks injected [$30 billion](/business/finance/bank-lifelines-ease-global-financial-crisis-fears-2023-03-17/) in deposits into the beleaguered lender on Thursday. [(ZION.O)](https://www.reuters.com/companies/ZION.O) and Fifth Third [(FITB.O)](https://www.reuters.com/companies/FITB.O) were indicated up around 3%. Register for free to Reuters and know the full story [(CSGN.S)](https://www.reuters.com/companies/CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. [(FRC.N)](https://www.reuters.com/companies/FRC.N) rose as much as 5% in in early trading on Friday after large U.S. LONDON, March 17 (Reuters) - The Frankfurt-listed shares of First Republic Bank

In late January, First Republic Bank's CEO wrote to U.S. regulators saying his bank did not pose signficant risk to the U.S.'s financial stability.

[called on the U.S.](https://fortune.com/2023/03/11/silicon-valley-bank-svb-ceo-greg-becker-dodd-frank-trump-rollback-systemically-important-fdic/) to lift its threshold for considering a bank to be systemically important and thus subject to stricter capital requirements. Then, on Wednesday, both S&P Global Ratings and Fitch Ratings [cut First Republic Bank](https://www.bloomberg.com/news/articles/2023-03-15/first-republic-bank-cut-to-junk-by-s-p-on-deposit-outflow-risk) to junk status, citing the risk of deposit outflows and a loss of liquidity. The banks pledged to keep the money there for at least 120 days, reports [Bloomberg](https://www.bloomberg.com/news/articles/2023-03-16/jpmorgan-s-dimon-met-with-yellen-on-first-republic-thursday), either saving First Republic Bank or giving it time to pursue other options. In a Monday opinion piece for the government announced it had taken over Signature Bank of New York, and would protect both its and SVB’s depositors in full. The heads of both Silicon Valley Bank and First Republic Bank tried to influence the U.S. lawmakers are already blaming banking leaders for weakening financial regulations and thus spurring the current crisis. The Consumer Financial Protection Bureau is still in the process of writing those regulations. The U.S. Shares in First Republic Bank fell 17% in after-market trading on Thursday. regulators have yet to implement the proposal.) [sent a letter to](https://www.fdic.gov/resources/regulations/federal-register-publications/2022/2022-resolution-resource-large-banking-3064-af86-c-033.pdf) both the Federal Reserve and the Federal Deposit Insurance Company against a proposal to require smaller lenders to follow similar rules as systemically important banks, reports [The Information](https://www.theinformation.com/articles/first-republic-ceo-told-regulators-earlier-this-year-his-bank-didnt-need-more-rules?rc=yvn2nw).

Markets in Europe and Asia rebounded Friday after First Republic Bank was rescued by a group of major US lenders, easing worries about the current banking ...

Regulators on both sides of the Atlantic have taken [emergency measures](https://www.cnn.com/2023/03/12/investing/svb-customer-bailout/index.html) to shore up confidence, including protecting deposits at SVB and Signature Bank. “But an industry-wide rescue to shore up the bank’s finances provided some much-needed reassurances to mitigate further banking jitters.” Real estate developer Country Garden ended the day 7.7% higher, after China’s property market showed early signs of recovery. The rally in Europe carried over to Friday, although gains were modest. The benchmark Stoxx Europe 600 index rose 0.3% in early trade. [plummeted in Europe](https://www.cnn.com/2023/03/16/investing/why-credit-suisse-is-struggling/index.html). [(DAX)](https://money.cnn.com/data/world_markets/dax/?source=story_quote_link) and France’s CAC 40 [(CAC40)](https://money.cnn.com/data/world_markets/cac40/?source=story_quote_link) ticked up 0.4% and 0.07% respectively. [(UKX)](https://money.cnn.com/data/world_markets/ftse100/?source=story_quote_link) inched up 0.6%. [borrowing up to 50 billion Swiss Francs](https://edition.cnn.com/2023/03/15/investing/credit-suisse-shares-saudi-national-bank/index.html) ($53.7 billion). [was rescued](https://www.cnn.com/2023/03/16/investing/first-republic-bank/index.html) by a group of major US lenders, [easing worries](https://www.cnn.com/2023/03/16/investing/credit-suisse-snb-loan-shares?utm_source=business_ribbon) about the current banking turmoil. [(CSGKF)](https://money.cnn.com/quote/quote.html?symb=CSGKF&source=story_quote_link) over the past week. [(FRC)](https://money.cnn.com/quote/quote.html?symb=FRC&source=story_quote_link) is set to receive a $30 billion lifeline from a group of America’s largest banks, including JPMorgan Chase [(JPM)](https://money.cnn.com/quote/quote.html?symb=JPM&source=story_quote_link), Bank of America [(BAC)](https://money.cnn.com/quote/quote.html?symb=BAC&source=story_quote_link), Wells Fargo [(CBEAX)](https://money.cnn.com/quote/mutualfund/mutualfund.html?symb=CBEAX&source=story_quote_link), Citigroup [(C)](https://money.cnn.com/quote/quote.html?symb=C&source=story_quote_link) and Truist [(TFC)](https://money.cnn.com/quote/quote.html?symb=TFC&source=story_quote_link).

US banking stocks were hit with a renewed sell-off on Friday as markets failed to take comfort from the rescue package arranged for First Republic Bank.

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Determined to get a deal done that night, the banking executives pledged money to bail out the country's banking system. It turns out, that created a template ...

Despite the rescue of First Republic, investors continue to sell off shares in the ailing bank and some other regional lenders.

In China, which is trying stabilize its economy after it stalled last year because of stringent “zero Covid” measures, the central bank on Friday evening acted to get more money in the hands of companies and consumers. (The deposits from other banks are uninsured and for an initial term of 120 days.) An index tracking the largest U.S. It said it would reduce by a quarter-point the share of assets that Chinese commercial banks must keep on reserve. Four storied names in American finance — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — agreed to each place $5 billion in uninsured deposits with First Republic. The deputy Treasury secretary, Wally Adeyemo, said on CNBC on Friday that U.S. The S&P 500 index fell slightly in early trading on Friday, with banks large and small recording declines. officials are seeing deposit withdrawals stabilizing in small and midsize banks, and in some cases modestly reversing. [government takeovers](https://www.nytimes.com/2023/03/16/business/fed-regulation-svb.html) of a once-obscure lender to the tech world, Silicon Valley Bank, and the small Signature Bank in New York. Analysts at UBS wrote that banking stocks would “truly settle only after the market feels as if there is a longer-term solution” to First Republic’s woes. Trading in banking shares remained volatile on Friday. [borrowed record amounts](https://www.reuters.com/markets/us/banks-sought-record-fed-liquidity-wake-svb-collapse-2023-03-16/) of emergency funds from the central bank, tapping both existing facilities and a [new program](https://www.nytimes.com/2023/03/12/business/janet-yellen-silicon-valley-bank.html) to shore up liquidity that was announced after the seizure of Silicon Valley Bank and Signature Bank. Credit Suisse, which received a multibillion-dollar rescue on Thursday, also lost ground in European trading.

Eleven big banks are offering a lifeline to First Republic Bank, a smaller lender that's been under pressure since Silicon Valley Bank collapsed a week ago.

This text may not be in its final form and may be updated or revised in the future. And that Janney analyst, Tim Coffey, says a lot of this fear is being driven by emotion, not by data. There is widespread worry that regardless of a bank's profile, how healthy its balance sheet is, another bank could suffer a similar implosion. are stepping in to save First Republic Bank First Republic is facing potential losses because of that. The majority of the portfolio is single-family residential mortgage loans. Driving this, Steve, was worry that first Republic could find itself in the same boat as those two failed lenders, that it could also face a bank run. And that money is going to replenish those coffers that have been emptied out over the last week. Tim Coffey is a bank analyst with the brokerage Janney. And effectively what they're doing here is opening up a bank account or bank accounts at First Republic, and they're putting their money in, just like you might or I might, Steve, except it's $30 billion. GURA: First Republic Bank has been caught up in that. So other banks passed the hat, and it's a fairly large hat - $30 billion.

The losses come even after 11 other banks pledged to deposit $30 billion in First Republic for at least 120 days in a coordinated rescue attempt.

The limited information provided implies that the balance sheet has increased substantially, which may well necessitate a capital raise," analyst John Heagerty wrote. [SPDR S&P Regional Banking ETF](/quotes/KRE/) (KRE) — which dropped 6.0%. Atlantic Equities downgraded First Republic to neutral, noting the bank may need an additional $5 billion in capital. - Atlantic Equities downgraded First Republic to neutral, noting the bank may need an additional $5 billion in capital. There were concerns that Thursday's deposit infusion may still not be enough to shore up First Republic in the future. - There were concerns that the infusion may not be enough to shore up First Republic going forward.

The nation's top lenders banded together to rescue First Republic Bank. But markets worry that regional institutions remain under pressure.

(FT) [Evictions in the U.S.](https://www.axios.com/2023/03/16/evictions-crisis)have returned to prepandemic levels. [upgrade](https://www.nytimes.com/2023/03/14/technology/openai-new-gpt4.html) of the A.I. [majority stake in the Charlotte Hornets](https://www.espn.com/nba/story/_/id/35875056/michael-jordan-talks-sell-majority-stake-hornets-sources-say)to a group led by a minority owner of the N.B.A. (Axios) [Google Glass](https://www.wsj.com/articles/google-glass-is-going-away-again-e7a6d8c8)is going away. (ESPN) [MindGeek, the owner of Pornhub](https://www.ft.com/content/69c3295e-6f45-4b5f-8e7b-3b8d56ca46c8), was sold to a newly formed Canadian private equity firm. The technology has captured the public imagination, but it has also tapped into some of our [ deepest fears](https://www.nytimes.com/2023/02/16/technology/bing-chatbot-transcript.html) about being human in a machine age. [slash costs at Twitter](https://www.ft.com/content/703c3894-3adc-45f1-b280-1a75c4085d60). [coronavirus to raccoon dogs](https://www.nytimes.com/2023/03/16/science/covid-wuhan-market-raccoon-dogs-lab-leak.html) that were sold at a Wuhan market, supporting the theory that the pandemic spread to humans from an infected animal. and the Energy Department have said in recent weeks that a [lab leak](https://www.nytimes.com/2023/03/09/briefing/lab-leak-covid.html) was the most likely origin, but there is no consensus within the Biden administration. But the stock recovered today after some users [got hands-on access](https://www.reuters.com/technology/baidus-hong-kong-shares-rebound-users-test-chatgpt-like-ernie-bot-2023-03-17/) to the technology, and analysts noted that the chatbot was the most likely to succeed in China. And here is why the lender’s collapse [portends bad news for SoftBank](https://www.wsj.com/articles/the-svb-tremors-will-shake-softbank-dc7fab4), the Japanese tech investor. [raise the age](https://www.nytimes.com/2023/03/16/world/europe/macron-france-pension.html) to 64 from 62, after failing to win enough support in Parliament.