First Republic Bank is Seized and Sold to JPMorgan

WSJ What’s News

The Wall Street Journal

Daily News, News

4.1 • 4.2K Ratings

🗓️ 1 May 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for May 1. U.S. regulators have seized First Republic Bank and struck a deal to sell the bulk of the lender’s operations to JPMorgan. The Journal’s Quentin Webb breaks down the second-largest bank failure in U.S. history and whether more banking turmoil is to come. Plus, the air comes out of the U.S. Dollar. And President Biden calls for the release of jailed WSJ journalist Evan Gershkovich. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This podcast is supported by Emerson.
0:02.8	From technology that delivers cures at warp speed
0:05.6	to software that makes clean energy reliable,
0:08.0	Emerson Innovation helps make the world healthier,
0:10.4	safer, smarter, and more sustainable.
0:13.2	Emerson, go boldly.
0:15.9	MUSIC
0:21.0	First Republic Bank fails.
0:23.6	Kenneth's sale to JP Morgan
0:26.1	staves off a re-ignition of the banking crisis.
0:29.5	Plus chip designer arm plans to revive its massive IPO
0:34.7	and will look at the winners and losers of the sliding US dollar.
0:38.8	The lot of big important companies in the US
0:42.8	have huge operations abroad and whenever they're
0:46.1	translating those earnings back into the US dollar,
0:49.2	if the dollar's weaker it's going to make those overseas earnings look better.
0:52.7	It's Monday, May 1st.
0:54.3	I'm Luke Vargas with the Wall Street Journal
0:56.7	and here is the AM edition of What's News,
0:59.6	the top headlines and business stories moving your world today.
1:03.7	MUSIC
1:08.9	We begin with breaking news as US regulators have seized trouble lender
	...

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