FRC Forex News
JPMorgan Chase Buys Majority Of First Republic Bank From FDIC
Banking major JPMorgan Chase & Co. said it has acquired substantial majority of assets and assumes certain liabilities of First Republic Bank following an auction by Federal regulators for the troubled lender. JPMorgan expects to recognize an upfront, one-time, post-tax gain of around $2.6 billion, which does not reflect approximately $2.0 billion post-tax restructuring costs anticipated...
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534 days ago
First Republic Bank Secures $30 Bln Rescue Fund From Major US Banks
First Republic Bank, the latest casualty in the ongoing banking turmoil, said it has secured around $30 billion funding from America's 11 largest banks as a lifeline, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. Following the news, the bank's stock, which has been sinking since last week, gained around 10% on Thursday from the previous day's close.
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579 days ago
Moody's Cuts Signature Bank's Rating To Junk
Moody's Investors Service has downgraded the ratings of the collapsed Signature Bank to junk, and will withdraw its ratings for business reasons. The rating agency also put the following six banks under review before deciding on downgrading them - First Republic Bank, Zions Bancorp., Western Alliance Bancorp, Comerica Inc, UMB Financial Corp and Intrust Financial Corp.
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582 days ago
