Another rough day for US regional banks
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 5 May 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
Apple said on Thursday that revenues shrank for a second straight quarter, the European Central Bank raised interest rates by a quarter of a percentage point, and US regional banks suffered severe stock declines.
Mentioned in this podcast:
ECB raises rates as Lagarde warns of ‘more ground to cover’
Western Alliance shares recover after it denies report of potential sale
What’s changed for regional banks this week?
Apple reports weaker revenue for a second straight quarter
Ed Sheeran wins ‘Let’s Get It On’ copyright infringement trial
Ed Sheeran’s Thinking Out Loud © 2014 Asylum Records UK, a Warner Music UK Company
Marvin Gaye’s Let’s Get It On © 2001 Motown Record Company L.P.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:10.1 | Good morning from the Financial Times. |
| 0:11.9 | Today is Friday, May 5th, and this is your FT News Briefing. |
| 0:18.8 | Shares in US Regional Banks continued to slide on Thursday. |
| 0:23.1 | It's unclear what's going to stop the bleeding. |
| 0:25.5 | Plus, Europe's central bankers raised rates again |
| 0:29.2 | and weaker sales took a big bite out of Apple's revenues. |
| 0:33.4 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:41.7 | Investors continued to sell off shares in US Regional Banks yesterday. |
| 0:46.1 | Pack West says it's in talks with several potential partners and investors |
| 0:50.1 | after reports came out about a potential sale. |
| 0:52.8 | It shares ended the day down 50 percent. |
| 0:55.6 | To talk more about what's going on, I'm joined by the FT's US Banking Correspondent, |
| 0:59.2 | Stephen Gandell. |
| 1:00.3 | Hi, Stephen. |
| 1:01.6 | Hi, thanks for having me with you. |
| 1:04.1 | There has been instability in US Regional Banks all week. |
| 1:08.5 | What's causing the instability at lenders like Pack West? |
| 1:12.5 | Well, the thing that's disturbing is that the first problems we have were with banks that were |
| 1:17.0 | really kind of unusual, right? Silicon Valley did almost all of its business with startups |
| 1:21.6 | and venture companies. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Forhecz Topher, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Forhecz Topher and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.