Bloomberg: First Republic Bank Is Said to Weigh Options Including a Sale
First Republic Bank, the San Francisco-based lender that was cut to junk by S&P Global Ratings and Fitch Ratings on Wednesday, is exploring strategic options including a sale, according to people with knowledge of the matter.
The bank, which is also weighing options for shoring up liquidity, is expected to draw interest from larger rivals, said some of the people, all of whom requested anonymity discussing confidential information. No decision has been reached and the bank could still choose to remain independent, they said.
A spokesperson for First Republic Bank declined to comment. First Republic said Sunday that it had more than $70 billion in unused liquidity to fund operations from agreements that included the Federal Reserve and JPMorgan Chase & Co. Still, its stock fell 21% Wednesday in New York trading to a decade-low of $31.16, giving it a market value of $5.8 billion.
Read more ....
Update #1: First Republic Bank weighing options including sale - Bloomberg News (Reuters)
Update #2: First Republic Bank, which was downgraded to junk by S&P and Fitch, is looking at a possible sale: Bloomberg (Business Insider)
WNU Editor: When you have a credit rating agency like Moody's downgrading the entire US banking system (link here) .... I repeat .... downgrading the entire US banking system, you know you have a problem. Here is an easy prediction. Expect ,ore bank closures in the coming days.
11 comments:
Serves us right . We have sown chaos and disorder around the globe for the better part of a century now. The chickens are coming home to roost and karma is finally making a full circle.
1:02 AM
You sound like a typical mal-educated 18 year old girl. Git back in yer safe space and stay there.
LULZ,
R,
Serves us right . We have sown chaos and disorder around the globe for the better part of a century now.
Who do you mean with "we"?
If the US population has been misled by a media cartel, in collaboration with big pharma, big tech and big weapons.. then to me, it seems, we have people who colluded against the will of the population, lied to them, misled them, in some cases murdered them, definitely stole from them and then used this money for bombing other countries to shore up stock prices, get oil and so on.
To me, it seems we should hang the people in charge. Those who committed the crimes and misled the population.
And ideally hang them publicly, not just as a warning to others - that NO ONE - is above the law. And other nations would want to see this too. I know I would. I'm from Europe and the theft and murder these illegitimate leaders and media hyenas have committed has touched on my nation too, and I'd even pay to see them hang. Legally, of course. After a trial.
But if I'm right, and I think I am.. these people need to hang for us all to see and come to closure.
Maybe...but lots have willing put there heads in the sand ....
Just one guy on Silicon Valley Bank's board knew anything about investment banking
Stress Test ... Mess Test. They had 1 baker on the governing board at SVB.
1
Being on a board is lucrative. in the past you could make $30,000 or more and only have to show for meeting less than a week of the year. My information is dated. the sums are likely more now. Of you sat on say 3 or 4 boards, you would not have to work for a living.
Jesse Jackson made a big stink about boards. Looks like Democrat Jesse Jackson got his way. Jesse Jackson wanted more minorities in C-suite. He wanted them in C-0suite deus ex machina. He was no going to wait 20 years to grow an exec.
I resented the Hell out of Jackson. I would go to programming class at a local community college. By rights 10% t0 13% of the class should have been black by enrollment for entry level programming classes. Not only was community college cheap but for poor or minorities they try to make it free with programs like Upward Bound.
And nothing. I aw 1 black person in an entry level class and they promptly dropped the class after 1 or 2 sessions.
So I ask you r Jesse Jackson how do you get blacks in C-suite, when the won't bother with the bottom rungs of the ladder? That was the late 1990s. It might be different now. In the late 70s, going to an inner city school was eye opening. They had better facilities than schools in the burbs. So better schools and more money equals less blacks in STEM 20 years later?
I guess you have to do deus ex machina, when people won't take stem classes or basic accounting and management classes. Sad thing is this applies to whites as well as blacks. SVB had an improv actor on the board? You know she could not be bothered to take a tech course.
1 banker on the board
1
Maxine Waters keeps saying 'Silicone Valley Bank'
I hope the Mexicans and Mexican Americans kick her out of office.
hang them all...sure. do you know exactly you propose to hang? name names and see if they are responsible before you suggest hanging.
^ You are replying to a known Russian troll. What the hey, you look like a troll yourself, so it is one big selflicking lollipop.
and the son of god said: hang me now and I will be well hung
Quiet Satan! The fruit of your filthy heart poisons the very air you breathe.
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