US FDIC asks JPMorgan, PNC for final First Republic bids due Sunday – Bloomberg News April 29, 2023 The U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported on Saturday. The banking regulator reached out to banks late Thursday seeking indications of interest, including a proposed price and estimated [...]
US officials lead urgent rescue talks for First Republic April 28, 2023 US officials are coordinating urgent talks to rescue First Republic Bank as private-sector efforts led by the bank’s advisers have yet to reach a deal, according to three sources familiar with the situation. The Federal Deposit Insurance Corporation (FDIC), the Treasury Department and the Federal Reserve are among government bodies that have in recent days [...]
Co-op Bank buoyed by interest rate rises as takeover speculation continues April 28, 2023 The Co-operative Bank has reported a jump in income as the latest lender to be boosted by higher interest rates which have pushed up the cost of borrowing. The company said its net interest income – the difference between what a bank charges for loans and pays for savings – surged by a fifth to [...]
Deutsche Bank to buy British stockbroker Numis for £410m April 28, 2023 Deutsche Bank said on Friday it had agreed to buy Numis Corp, a London-based institutional stockbroker and corporate adviser, for about 410 million pounds ($511.2 million) as the German company deepens links with the UK corporate client segment. The 350 pence-per-share, all-cash offer represents a premium of 72 per cent to Numis stock’s Thursday close. [...]
Lloyds Bank orders staff to return to the office ‘at least’ two days a week April 28, 2023 Hybrid workers will have to spend at least two days a week in the office, Lloyds has told staff, with “card swipe data” used to monitor their return.
Natwest profits soar but customers withdraw £1bn as cost of living and tax bills bite April 28, 2023 Natwest has beaten profit expectations during the first three months of this year. Natwest Group, which includes Royal Bank of Scotland and Ulster Bank, recorded a pretax profit of £1.8bn in the three months ending 31 March. The total comes in ahead of analysts’ expectations of £1.6bn for the quarter and ahead of the £1.2bn during [...]
First Republic shares recover slightly as investors hope for a rescue deal April 27, 2023 First Republic shares recovered slightly on Thursday as investors hoped the bank would be rescued from collapse. Shares in the San Francisco-based lender were trading 11 per cent higher on Thursday, although as yet there are no signs of a rescue package. Bloomberg Intelligence’s Herman Chan suggested the rebound resulted from “short-covering” as “there hasn’t [...]
Deutsche Bank posts best profit in a decade but warns 800 job cuts as cost cutting continues April 27, 2023 Deutsche Bank recorded its best profit in a decade as the bank recorded its 11th consecutive quarter of profit but signalled there would be more job cuts as it continues its restructuring efforts. Pretax profit climbed 12 per cent to €1.9bn (£1.68bn), up from €1.7bn (£1.5bn) last year with a strong performance from the corporate [...]
Barclays shares rise as booming US credit cards and higher interest rates helps bank beat expectations April 27, 2023 Barclays shares rose after it beat expectations in its first quarter results, as pretax profit rose 16 per cent on a strong performance from its domestic bank and booming US credit card spending. Across the group, Barclays’ pretax profit was £2.6bn, up 16 per cent from last year and comfortably beating company compiled consensus of [...]
First Republic shares continue to fall as investors fear collapse April 26, 2023 First Republic’s shares fell nearly 40 per cent on Wednesday before recovering slightly as speculation grows that the ailing lender will have to be rescued. At the time of writing, its share price was down 21 per cent. Yesterday, the San Francisco-based bank’s share price closed over 30 per cent lower after it revealed on [...]