First Republic Recovery?
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 21 March 2023
⏱️ 11 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Tuesday, March 21st, and I'm your host Julie Morgan. |
| 0:12.0 | First Republic is in the green pre-market as it tries to recover from Monday's record low. |
| 0:18.0 | Amazon is laying off more workers as a letter from CEO Andy Jasey on Monday indicated that |
| 0:24.5 | 9,000 additional positions are due to be cut in the coming weeks. The cuts are |
| 0:28.4 | focused in four divisions. A judge is allowing lawsuits to proceed against J.P. Morgan and Deutsche Bank over their ties with Jeffrey Epstein. |
| 0:38.0 | Our top story. First Republic Bank is in the green this morning after closing the session at a record low on Monday. |
| 0:45.6 | FRC is up 21% in pre-market trading. Of course, it's still early. The rebound comes as investors are taking in an aid proposal from |
| 0:54.8 | J.P. Morgan to stabilize the troubled lender. On Monday, the Wall Street Journal |
| 0:59.6 | reported that J.P. Morgan Chase Chairman and CEO Jamie Diamond is in talks with chief executives of other |
| 1:06.2 | large banks to stabilize FRC. The executives are focusing on how the industry can arrange for an investment that would bolster the bank's capital. |
| 1:15.6 | One option being discussed could be the conversion of some or all of the $30 billion in deposits |
| 1:21.9 | into a capital infusion. |
| 1:24.0 | That $30 billion refers to the money 11 of the US's largest banks |
| 1:29.0 | agreed to deposit at First Republic |
| 1:31.2 | and a vote of confidence for the bank. |
| 1:34.0 | Now more on the market. |
| 1:36.0 | U.S. stocks finished tire on Monday. |
| 1:38.6 | The NASDAQ closed up 0.4%. |
| 1:41.4 | The S&P 500 finished up 0.9 percent, and the Dow ended up 1.2 percent. |
| 1:47.9 | All 11 S&P sectors ended in the green. |
| 1:51.0 | Energy and materials led the gains, each climbing more than 2%. Financials |
... |
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