First Republic’s Failure 05/01/23

Squawk Pod

CNBC

News, Business News, Business, Investing

4.2 • 543 Ratings

🗓️ 1 May 2023

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the third bank failure since March and the second largest bank failure in U.S. history, First Republic’s assets have been seized and auctioned. JPMorgan emerged the winner of the bank bidding, taking on about $92 billion in deposits, $173 billion in loans, and $30 billion in securities. CNBC’s Leslie Picker reports the details of the deal and the failure, and former NEC Director Gary Cohn joins former SEC Chairman Jay Clayton to discuss what happened and what’s next for the U.S. financial system. Plus, antiwork sentiment is rising. Chief scientist of workplace culture at Culture Partners Jessica Kriegel explains “quit-tok” trends and mass layoffs across industries. In this episode: Gary Cohn, @Gary_D_Cohn Jessica Kriegel, @jessica_kriegel Leslie Picker, @LesliePicker Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. N.C. producer Katie Kramer, today on Squawk Pod.
0:09.0	First Republic, the second largest bank failure in US history, and the third major bank
0:15.4	failure in just eight weeks, the regional banking fear with former NEC director
0:20.6	Gary Cohn. This is not the end. Like I don't think we're going to get three and done.
0:25.4	Criscases don't sort of end this easily. And former SEC Commissioner Jay Clayton.
0:30.9	The structure of this deal has embedded in it the lessons of 2008.
0:34.8	They structured the deal to avoid some of those liabilities.
0:38.9	All the details of that major story, plus mass layoffs and mass quitting workplace culture
0:45.2	scientist Jessica Kriegel. People are being treated like commodities and they're
0:49.5	fighting back. They're doing things like quit talking, which is that they live quit their jobs on
0:55.2	social media for all to see.
0:58.3	It is Monday, May 1st.
1:00.2	Squawk Pod begins right now. Stand Becky by in three, two, one, queue please.
1:08.0	Good morning.
1:09.0	Welcome to Squackbox right here on C.
1:11.0	We're live from the Nasak Market site in Times Square. I'm Becky
1:13.8	quick along with Joe Kernan and Andrew Ross Sorkin and here we go it is May 1st
1:18.3	Monday. We have a big Monday morning and a big deal morning when it comes to the banking industry and what
1:24.9	seemed like a banking crisis hoping that it gets resolved.
1:29.0	One Domino saved this morning.
1:30.5	We'll talk about it in just a moment.
	...

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