First Republic Bank Is Seized and Sold to JPMorgan

WSJ What’s News

The Wall Street Journal

News, Daily 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.
0:02.3	From technology that delivers cures at warp speed to software that makes clean energy reliable,
0:08.0	Emerson Innovation helps make the world healthier, safer, smarter, and more sustainable.
0:13.2	Emerson, go boldly.
0:21.3	First Republic Bank fails.
0:23.7	Can it's sale to JP Morgan stave off a re-ignition of the banking crisis?
0:29.5	Plus chip designer arm plans to revive its massive IPO,
0:34.6	and we'll look at the winners and losers of the sliding US dollar.
0:38.8	The lot of big, important companies in the US have huge operations abroad and whenever they're
0:46.1	translating those earnings back into the US dollar, if the dollar's weaker it's going to make
0:50.7	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, and here is the AM edition of What's New.
0:59.3	The Top Headlines and Business Stories, Moving Your World Today.
1:08.8	We begin with breaking news, as US regulators have seized troubled lender
1:13.6	First Republic, and overnight made a deal to sell the bulk of the bank's operations to JP Morgan Chase.
1:20.4	The move heads off a chaotic collapse that threatened to reignite marches banking crisis,
1:26.1	though it is nonetheless an astonishing come down for First Republic, which is now the
1:30.6	second largest bank to fail in US history.
1:33.8	And joining us now with the details is Wall Street Journal, Deputy Europe Finance Editor,
1:37.6	Quinton Webb. Quinton firstly give us the details of this deal that we're just now learning about.
1:42.9	Hi, so the FDIC has seized First Republic and is then selling on the bulk of the business to JP Morgan.
	...

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