meta_pixel
Tapesearch Logo
Log in
WSJ What’s News

First Republic Gets $30 Billion From 11 Banks

WSJ What’s News

The Wall Street Journal

Daily News, News

4.14.2K Ratings

🗓️ 16 March 2023

⏱️ 13 minutes

🧾️ Download transcript

Summary

P.M. Edition for March 16. Federal officials said eleven banks deposited $30 billion in the First Republic Bank, as part of a joint rescue plan. Meanwhile, in Europe, shares of Credit Suisse rose, after it, too, secured a lifeline to keep it afloat. Heard on the Street editor and columnist Stephen Wilmot discusses whether the banking turmoil is finally settling down. Annmarie Fertoli hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Did you know choosing the train over your car can cut your carbon footprint by up to two thirds?

0:06.0

So, one family outing at a time, one little adventurer at a time, one trip to the museum, one dinner in the city, one nap on the way home at a time.

0:18.0

One train journey at a time can help create a greener future.

0:23.0

So when will you take your next trip? Find out more at nationalrail.co.uk slash greener.

0:35.0

In the US, big banks work out a rescue plan for first republic.

0:40.0

Meanwhile, in Europe, will a lifeline to credit Swiss be enough to save it?

0:44.0

If people get an idea that someone say credit Swiss is at risk, then it can easily become a self-fulfilling prophecy.

0:52.0

So the psychological read across is kind of meaningful even though it's just psychological.

0:59.0

Plus, France's president bypasses Parliament to pass a controversial pension overhaul.

1:05.0

It's Thursday, March 16th. I'm Ann Marie for Tolly for the Wall Street Journal.

1:09.0

This is the PM edition of What's News, the top headlines and business stories that moved the world today.

1:23.0

Let's start with markets. US stocks ended the day with gains after new economic data showed weekly jobless claims fell.

1:31.0

And that means more evidence of a strong labor market.

1:34.0

Things were a bit more turbulent in the bond market, which investors have been fleeing to as a safe haven this week.

1:40.0

The yield on the 10-year treasury note climbed above 3.5%.

1:46.0

And shares of first republic were up.

1:48.0

The bank paired some of its steep losses after we reported that the nation's biggest banks, including JP Morgan Chase, City Group and Bank of America, are talking about a possible joint rescue of the lender.

1:59.0

Just before market closed in the US, we learned that 11 banks have deposited $30 billion in first republic according to a joint statement from federal officials.

2:09.0

We are also reporting that top executives at first republic sold $12 million of company stock in the two months before its collapse.

2:17.0

Those sales at the bank don't have to be reported to the Securities and Exchange Commission, unlike insider sales at most companies.

2:24.0

Their reporting instead goes to the federal deposit insurance corporation, or FDIC.

2:29.0

A first republic spokesperson said the bank and its executives declined to comment on the sales.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from The Wall Street Journal, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Wall Street Journal and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.