The crisis faced by First Republic 'should never have happened' says JPMorgan Asset Management CIO.
An executive at JPMorgan Asset Management is unsure how United States regional banks are “going to operate” when the Federal Deposit Insurance Corporation and Federal Home Loan Bank emergency lending programs expire – warning that the possible collapse of First Republic Bank may cause a domino effect.
“Well, I think we have both, I think it’s somewhat naïve to say that this is just limited to First Republic.” Michele believes there needs to be “continuous progress to some sort of resolution” for the impact of First Republic’s downfall to be contained, or “ringfenced,” and prevented from spreading throughout the broader financial system.
He stated that"most people’s" deposit balances are now even lower than before the beginning of the Covid-19 pandemic.
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First Republic asset sales would pose 'contained damage' to residential mortgage bond market, says GoldmanAny rescue plan of First Republic Bank that includes sales of its government backed housing bonds is unlikely to stress the market, says Goldman Sachs.
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First Republic seen drawing bids from JPMorgan and PNC amid report of 'imminent' FDIC seizureLenders including PNC Financial Services and JPMorgan Chase & Co., are said to be bidding for First Republic Bank, whose shares have been under pressure.
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US FDIC asks JPMorgan, PNC for final First Republic bids due Sunday - Bloomberg NewsThe U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan Chase & Co and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported on Saturday.
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FDIC asks JPMorgan, PNC for final First Republic bids, Bloomberg reportsThe U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan Chase & Co and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported on Saturday.
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FDIC asks JPMorgan, PNC for final First Republic bids: BloombergThe U.S. Federal Deposit Insurance Corp has asked banks including JPMorgan Chase & Co and PNC Financial Services Group to submit final bids for First Republic Bank by Sunday after gauging their initial interest earlier in the week, Bloomberg News reported.
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