Latest First Republic Bank News
Long opposed to rate increases, Erdogan now backs plan that includes raising rates, minister says
ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan, long a proponent of cutting interest rates, now supports his advisers’ economic plan that includes raising rates, a member of his economic team said Thursday. In a theory that runs contrary to traditional economic...
Turkey’s central bank unleashes a big interest rate hike in another sign of an economic shift
ANKARA, Turkey (AP) — Turkey’s central bank raised its key interest rate by an aggressive 7.5 percentage points on Thursday, a larger-than-expected boost that offers a new sign of a return to more traditional economic policies under President Recep Tayyip Erdogan. The bank hiked...
Hopeful signs of an economic 'soft landing' emerge in Jackson Hole as Fed meets with world watching
JACKSON HOLE, Wyoming (AP) — At the height of the post-pandemic economic recovery, Andy Parazette's taco shop enjoyed such a crush of business that customers sometimes had to wait an hour for a burrito. Though Parazette welcomed the sales, the influx was unsustainable. Jackson...
Banc of California to buy troubled PacWest Bancorp, which came close to failing earlier this year
NEW YORK (AP) — The Banc of California has agreed to buy PacWest Bancorp in an all-stock transaction, bringing an end to months of speculation about whether PacWest could survive on its own after the failures of three other regional banks this spring. The deal announced Tuesday...
Turkey hikes interest rates in another sign of economic normalcy. But markets expected more
ISTANBUL (AP) — Turkey’s central bank raised its key interest rate Thursday, another sign of commitment to a traditional path of battling inflation but still falling below expectations after critics blamed President Recep Tayyip Erdogan’s economic policies for inflaming a cost-of-living...
Stock market today: A raucous week for Wall Street closes with a quiet, mixed finish
NEW YORK (AP) — Wall Street’s latest winning week closed with a mixed finish on Friday following stronger profit reports than expected from several big U.S. companies. The S&P 500 slipped 4.62, or 0.1%, to 4,505.42 to edge back from its highest closing level since April 2022....
JPMorgan second quarter profit jumps 67% with a boost from First Republic takeover
JPMorgan's second-quarter profits rose by 67% as the nation's largest bank made more loans to customers, took advantage of higher interest rates, and got a boost from its recent acquisition of First Republic Bank. The bank earned $14.5 billion in the three months ended June 30,...
