Latest First Republic Bank News
Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns
NEW YORK (AP) — Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday. The alert comes several weeks after the failure of...
First Republic hit with 1,000 job cuts after California bank was seized and sold to JPMorgan
NEW YORK (AP) — About 1,000 employees of First Republic Bank are being let go about a month after it was seized by regulators and acquired by JP Morgan Chase. The vast majority of First Republic employees, roughly 7,200 before it ran into trouble, were offered jobs by JPMorgan,...
Acquirer of Silicon Valley Bank announces layoffs at the failed institution
RALEIGH, N.C. (AP) — The bank that acquired the remnants of Silicon Valley Bank after it failed amid a March bank run announced layoffs Wednesday. First Citizens Bank of Raleigh, North Carolina, said it was cutting about 500 jobs, or about 3% of its workforce. CEO...
Stock market today: Apple-juiced rally closes bruising week
NEW YORK (AP) — Apple was at the head of a widespread rally on Wall Street Friday after the market's most influential company reported a better profit than expected. Stocks of beaten-down banks also leapt to recover a smidgen of their sharp losses from a brutal week. The S&P...
Is my money safe? What you need to know about bank failures
NEW YORK (AP) — Recent turmoil in the banking industry may have you worried about your money. Shares of PacWest, a small regional bank based in Los Angeles, plunged almost 40% Thursday after the company confirmed it may put itself up for sale. Anxiety over potential bank runs has...
The banking crisis isn’t over. But how bad will it get?
NEW YORK (AP) — Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers such as Jamie Dimon this week that the worst of the recent crisis is over and the health of the banking system remains strong. Bank shares have sold off on...
Bank stocks continue to fall following First Republic demise
NEW YORK (AP) — Regulators have barely written the epitaph for First Republic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail. Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to...
Stock market today: Asia shares mixed on holiday mode trade
TOKYO (AP) — Asian shares were mixed Tuesday with some markets closed or anticipating holidays and investors showing muted reaction to the latest historic U.S. banking failure. Japan's Nikkei 225 edged up 0.2% to 29,175.44 in morning trading. Trading in Tokyo will be closed for...
Why First Republic failed. Are other banks to follow?
First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks. Like Silicon Valley Bank, which was seized by the government on March 10, First Republic catered to a wealthy clientele, which helped it grow deposits rapidly but may have also...
FDIC recommends raising insured deposit limit for businesses
NEW YORK (AP) — U.S. businesses might be able to secure bank deposit insurance for accounts holding more than $250,000 if Congress agrees with the Federal Deposit Insurance Corp.'s new proposal to ease the industry turmoil that has sparked three bank failures in the past two months. ...
