Wall Street banks rescue First Republic
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 17 March 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
The largest US banks have banded together to deposit $30bn into First Republic Bank in an attempt to bolster its finances, the European Central Bank has raised interest rates by half a percentage point, Emmanuel Macron failed a critical parliamentary test and chose to override lawmakers to pass his unpopular plan to raise France’s retirement age, and the FT’s Stephen Morris explains why HSBC took a chance on Silicon Valley Bank UK.
Mentioned in this podcast:
Wall Street banks to deposit $30bn into First Republic
ECB increases rates by 0.5 percentage points
Macron to pass pension reform by decree as protests sweep France
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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by 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 |
| 0:10.3 | Good morning from the Financial Times. Today is Friday, March 17th and this is your FT News Briefing. |
| 0:18.5 | The biggest US banks teamed up to rescue a smaller rival will tell you about the British bank |
| 0:25.0 | that may have emerged from the banking turmoil as a big winner. |
| 0:28.9 | They got to look like good citizens as well as potentially getting a good strategic deal. |
| 0:33.3 | So I think they're feeling quite smug about it, actually. |
| 0:36.5 | Plus, French President Emmanuel Macron made a high stakes gamble to push forward his |
| 0:42.1 | unpopular retirement reform. I'm Sonya Hudson in for Mark Filipino and here's the news you need to |
| 0:48.4 | start your day. |
| 0:49.1 | 11 of the biggest US banks yesterday said they would support a smaller lender with a |
| 1:00.1 | $30 billion cash deposit. First Republic is based in San Francisco and was hit by |
| 1:07.1 | depositor withdrawals after Silicon Valley bank collapsed. First Republic shares have fallen |
| 1:13.6 | 64% in the past week. The FT's or Tenza Aliai told us the rescue was led by JP Morgan Chief Jamie |
| 1:21.7 | Diamond. I mean, for JP Morgan, it's an obvious thing to do because they're obviously advising |
| 1:26.0 | the bank, but I think for the other banks as well. You've had this, you know, a week now of |
| 1:30.8 | banking shares taking a hit and investors and people in the market looking at sort of whose next, |
| 1:37.6 | you know, who has the same vulnerabilities as Silicon Valley bank and really they want to |
| 1:42.6 | put a stop to it. They want to say that actually our financial system is fine. Look, you don't |
| 1:46.8 | need to pull your deposits out of first Republic. We're putting 30 billion dollars of deposits in |
| 1:50.6 | there and essentially your money is safe. That's the FT's or Tenza Aliai. |
| 2:02.0 | The first Republic rescue follows the backstopping of one of Europe's big lenders. |
... |
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