In the wake of the failure of several regional banks, lawmakers are furiously at work drafting new bills to give regulatory authorities more control over banks. But some experts say that bank regulators already had all the power they needed, but failed to use it effectively. “Every time we have a crisis on our hands,…
Bank Regulators Want New Powers to See What Many Say Should Have Been Obvious
June 24, 2023
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JPMorgan Shuttering 25 Percent of First Republic Bank Branches in 2023
JPMorgan Chase will shutter more than 20 First Republic branches by the end of this year, following its takeover of the failed bank, the company announced on June 1. First Republic has 84 branches across eight states, including California, Connecticut, and Florida, according to its official website. The upcoming closures make up roughly a quarter of its…
ANALYSIS: Politics, Finance Merge as Banks Become Fewer in Number, More Aligned With Government
May 26, 2023
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The absorption of First Republic Bank by JPMorgan Chase on May 1 was just the latest step in a relentless march of consolidation among U.S. banks, as America’s banking industry becomes both more concentrated and more closely entwined with the federal government. Since the “Great Financial Crisis” of 2008, federal regulators have become comfortable with…
LIVE 10 AM ET: Silicon Valley, Signature and First Republic Bank Former Executives Testify on Bank Failures to House
May 17, 2023
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Former Chief Executive Officer of Silicon Valley Bank Greg Becker, co-founder and former Chairman of Signature Bank Scott Shay, and former CEO and President of First Republic Bank Michael Roffler testify in the first panel to the “U.S. House Financial Services Committee Subcommittee on Financial Institutions and Monetary Policy and Subcommittee on Oversight and Investigations” on bank failures at 10:00 a.m. ET on…
LIVE NOW: Silicon Valley, Signature and First Republic Bank Former Executives Testify on Bank Failures to House
May 17, 2023
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Former Chief Executive Officer of Silicon Valley Bank Greg Becker, co-founder and former Chairman of Signature Bank Scott Shay, and former CEO and President of First Republic Bank Michael Roffler testify in the first panel to the “U.S. House Financial Services Committee Subcommittee on Financial Institutions and Monetary Policy and Subcommittee on Oversight and Investigations” on bank failures at 10:00 a.m. ET on…
Gold Prices Near Record Highs as US Banking Crisis Continues
May 12, 2023
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Gold prices are near record highs amid global geopolitical tensions and an ongoing crisis in the U.S. banking sector. Gold futures on the New York Mercantile Exchange hit a record high of $2,072 per ounce on May 4. Spot gold price on the day was also within a few cents of its all-time high of…
ANALYSIS: Why Short Sellers are Winning Big on Bets Against Bank Shares
May 5, 2023
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News analysis Regulators seized First Republic Bank on May 1 and sold off its assets to JPMorgan Chase, wiping out the bank’s shareholders and making First Republic the third U.S. regional bank to fail this year. But while depositors have been made whole and bank stockholders suffer sudden, catastrophic losses, short sellers in bank shares…
Nearly Half of US Citizens Worried Their Bank Deposits Are Not Safe: Survey
May 4, 2023
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Nearly half of Americans are worried that their bank deposits are not safe, which is similar to levels last seen during the financial crisis of 2008–09, a recent Gallup survey has found. In the survey, 48 percent of U.S. adults said they were concerned about their money deposited in banks, with 19 percent saying they…
Former Brazilian President Jair Bolsonaro Home Raided, Phone Taken
May 3, 2023
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Two days after another major bank collapse, the Federal Reserve hikes interest rates once again. Senators from both parties will vote on overturning a Biden administration rule on importing solar panels that are made in China—often with forced labor. We hear from Sen. Rick Scott (R-Fla.), who’s leading the effort. A business leader joins us…
Investors Warn of More Economic Pain to Come After First Republic Failure
May 2, 2023
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Top investors at the annual Milken conference have warned of more economic pain to come after the collapse of First Republic Bank. Attendees at the conference said that the third seizure of a U.S. regional bank by the Federal Deposit Insurance Corporation (FDIC) since March is threatening to constrain credit and accelerate the path toward…
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