US regional bank stocks still under pressure
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 3 May 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
The rescue of First Republic this week has failed to stop a sell-off in regional bank shares, Apple experienced a big boost in demand in India driven by a surge in refurbished iPhone sales, and European banks are hoping to scoop up some of Credit Suisse’s business now that the lender has been bought by UBS.
Mentioned in this podcast:
First Republic rescue fails to arrest slide in US regional bank shares
Refurbished iPhones boost Apple’s share of Indian market
Deutsche Bank plans to beef up investment bank advisory team
Icahn group’s shares tumble after attack by short seller Hindenburg
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:10.4 | Good morning from the Financial Times. Today is Wednesday, May 3rd. |
| 0:13.9 | This is your FT News Briefing. |
| 0:18.9 | The big rescue of First Republic has not stopped anxiety around other regional banks, |
| 0:25.0 | and consumers in India are snapping up Apple's iPhones, just not the new ones. |
| 0:30.9 | Plus, European banks are hoping to scoop up some of Credit Suisse's business, |
| 0:35.2 | but what's left for the pickin'? |
| 0:37.6 | What you have, a Credit Suisse investment bank, with the greatest respect |
| 0:41.1 | to the people still working there, I would say it's a bit of a rump rather than the prime rib. |
| 0:46.4 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:49.6 | In the US, the rescue of First Republic did not reassure investors about what could happen |
| 0:59.2 | to other similar regional banks. Their stocks plunged yesterday. Shares in another California |
| 1:05.1 | lender, Pac-West, lost about 28%. Arizona based Western Alliance Bank saw its shares go down |
| 1:12.1 | more than 15%. Here to talk more about this is the FT's US Banking Correspondent, Steven Gandell. |
| 1:18.4 | Hi, Steven. Hi, thanks for having me on again. |
| 1:21.3 | So, Steven, why did anyone think that JPMorgan rescuing First Republic would end investor anxiety? |
| 1:27.6 | Well, because, like, if you're worried about the banking system, |
| 1:31.1 | it did help the banking system. There wasn't, there are no depositors that lost any money. |
| 1:35.2 | The employees of First Republic are largely going to be employees of JPMorgan. |
| 1:39.6 | And so, for the banking system, it's a win. The problem is, for someone who is an investor |
| 1:46.4 | in this stock, they have none of their money. They were completely wiped out. |
... |
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