By Lawrence Delevingne (Reuters) – The focus of the U.S. regional banking crisis turned on First Republic Bank in late March after the wealthy clients it courted to fuel its breakneck growth began pulling their deposits. With no let-up in pressure on First Republic, the biggest U.S. bank JPMorgan Chase & Co, said on Monday…
By Jeff Mason and Andrea Shalal WASHINGTON (Reuters) -U.S. President Joe Biden on Monday urged House of Representatives Speaker Kevin McCarthy to take the potential for an unprecedented U.S. debt default off the table, warning that it would result in skyrocketing credit card and mortgage rates. “America is not a deadbeat nation. We have never,…
(Reuters) – Lyft Inc’s revenue growth is likely to lag bigger rival Uber Technologies Inc for the sixth straight quarter, with Wall Street eagerly looking forward to a turnaround plan from its new CEO David Risher. He took charge last month and has already moved to cut more than 1,000 jobs to kick-start a company…
By Emily Rose JERUSALEM (Reuters) -The U.S. should invite Israeli Prime Minister Benjamin Netanyahu to the White House for an official visit, U.S. House of Representatives Speaker Kevin McCarthy said on Monday, as a customary invitation has not been extended in the five months since Netanyahu’s election. “I expect the White House to invite the…
BEVERLY HILLS, California (Reuters) -International Monetary Fund Managing Director Kristalina Georgieva said on Monday she expects more weaknesses to be exposed in the banking sector, only hours after First Republic Bank was rescued by JPMorgan Chase . Speaking at the 2023 Milken Institute Global Conference in Beverly Hills, California, Georgieva immediately addressed the biggest topic…
By Saqib Iqbal Ahmed and Laura Matthews NEW YORK (Reuters) – The weekend rescue of troubled lender First Republic Bank has done little to allay options traders’ concerns about the overall health of U.S. regional banks. The 30-day implied volatility on the SPDR S&P Regional Banking ETF – a measure of expected near-term price swings…
WASHINGTON (Reuters) – The International Monetary Fund (IMF) appreciates quick action by U.S. regulators to seize First Republic Bank and find a private buyer, an IMF spokesperson said on Monday. It said the resilience of the global financial system continued to be tested and strains were evident across a number of institutions and markets. “Recent…
By Anirban Sen and David French NEW YORK (Reuters) – Fifth Third Bancorp was one the banks that submitted final bids for First Republic Bank on Sunday before it was sold to JPMorgan Chase & Co, people familiar with the matter said. PNC Financial Services Group and Citizens Financial Group Inc were the other final-round…
(Reuters) – The American Civil Liberties Union (ACLU) sued Montana and its Republican House Speaker on Monday, accusing them of violating a Democratic transgender legislator’s First Amendment rights by barring her from the House floor after she protested a bill banning gender-affirming healthcare for minors. Montana’s governor signed the bill into law on Friday, two…
By Lucia Mutikani WASHINGTON(Reuters) – U.S. manufacturing pulled off a three-year low in April as new orders improved slightly and employment rebounded, but activity remained depressed amid higher borrowing costs and tighter credit, which have raised the risk of a recession this year. Despite the weakness in factory activity and demand for goods reported by…
