First Republic Bank's shares tanked over 20% in premarket trading Monday after UBS's rescue deal for the beleaguered Credit Suisse ignited investor fears of a full-blown banking crisis.
On Sunday, UBS closed a deal with long-time rival Credit Suisse to prevent the latter's collapse. The deal values the embattled Swiss banking giant at"Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome," Axel P. Lehmann, chairman of Credit Suisse, said in a statement.
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First Republic Bank Looms Large for U.S. Regulators After Credit Suisse SaleAfter UBS agreed to purchase Credit Suisse, Treasury Secretary Janet Yellen and Fed Chair Jerome Powell sought to reassure investors in the U.S. where First Republic Bank has become U.S. officials’ main concern How long will you continue to lie to people... The American and European economy is getting incredibly bad. you can't hide it from people... banks are crashing... inflation and interest rates are rising.. people don't trust banks anymore “The Fed and five major central banks announced a coordinated effort to improve liquidity by moving U.S. dollars among themselves each day, instead of once a week.” ✍🏻This move may lead the Fed to suspend interest rate hikes at the next meeting How did it collapse despite the 'too big to fail' system? I thought it was there to prevent these huge banks from drowning....
Source: WSJ - 🏆 98. / 63 Read more »
Why First Republic shares went on a rollercoaster rideWhy First Republic shares went on a rollercoaster ride. The stock moved so much because there was no news about the bank over the course of the intervening hours. Hey 'Axios'... your business as a propaganda outlet for psychopath DeSantis has been exposed. Now go ahead and fire me Axio, just like you fired that reporter for exposing your shady operation. 🤣
Source: axios - 🏆 302. / 63 Read more »