Good morning! Welcome to Distributed Ledger. Meet Frances Yue, crypto reporter at MarketWatch. Coinbase crypto exchange PIECE OF MONEY said Wednesday that he received a Wells notice from the Securities and Exchange Commission, which could lead to formal charges. The SEC’s Wells notice related to an unspecified portion of the exchange’s listed digital assets, its … Read more
Bank of the First Republic FRC 29.47% bolsters its advisory ranks as the troubled lender seeks to stay afloat and plan for a post-crisis future amid a transatlantic crisis of confidence in the banking system. The California bank this week typed Lazard ltd. LAZ 3.23% to assist in the consideration of strategic options which could … Read more
Discussions, though preliminary, have focused on how the industry could arrange an investment that would increase the bank’s capital, according to people familiar with the matter. Among the options on the table, people said, is investment in the First Republic by the banks themselves. Eleven major banks banded together last week to deposit $30 billion … Read more
WASHINGTON — The Federal Reserve raised concerns about risk management at Silicon Valley Bank at least four years before its failure earlier this month, documents show. In January 2019, the Fed issued a warning to SVB SIVB -60.41% on its risk management systems, according to a presentation released last year to employees of SVB’s venture … Read more
A tumultuous week in U.S. financial markets ended on an uncertain note on Friday after a massive injection of $30 billion in deposits from major banks into First Republic Bank failed to calm investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began … Read more
Biggest U.S. Banks Discuss Joint Bailout of First Republic Bank FRC 8.94% totaling more than $25 billion to support the beleaguered lender, people familiar with the matter said. JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. are in talks to each deposit $5 billion of their own money … Read more
Silicon Valley Bank executives went to Goldman Sachs Group Inc. GS -3.09% end of February looking for advice: they needed to fundraise, but weren’t sure how to do it. Soaring interest rates had weighed heavily on the bank. Deposits and the value of the bank’s bond portfolio had fallen sharply. Moody’s Investors Service was preparing … Read more
Bank of the First Republic FRC 26.98% and other regional lenders clawed back some losses after their worst selloff in three years, in a volatile trading session that reflected how investors were still pricing in regulators’ emergency measures to contain a banking crisis. Shares of First Republic, which slumped on Monday, closed up around 27% … Read more
First Republic Bank was under pressure following the collapse of Silicon Valley Bank. Photo: Devin Blaskovich for The Wall Street Journal Updated March 12, 2023 9:00 PM ET Bank of the First Republic FRC -14.84% said it strengthened its finances with additional funding from the Federal Reserve and JPMorgan Chase JPM 2.54% & What. The … Read more
Bank of the First Republic FRC -14.84% came under renewed pressure amid Friday’s collapse of Silicon Valley Bank as investors tried to determine which other banks might face similar risks. First Republic shares fell 52% in early trading before recovering to near the previous day’s closing level, only to end the day down 15%. Investors … Read more
