Tag Archives: first republic

JPMorgan topped Q1 2023 revenue expectations by more than $3 billion on the back of higher Fed-facilitated interest rates.   JPMorgan Chase (NYSE: JPM) recently posted a Q1 2023 record revenue haul that beat analysts’ expectations. The banking giant’s record first-quarter revenue largely benefitted from net income on higher interest rates which surged 50% year-over-year (YoY). JPMorgan said its Q1 revenue came in at $39.34 billion compared to the $36.19 billion analysts expected....

First Citizens has acquired failed bank Silicon Valley and will open former SVB branches today as First Citizens Bank and Trust Company. According to the Federal Deposit and Insurance Corporation, First Citizens Bank is set to acquire the embattled state-chartered commercial bank Silicon Valley Bank (SVB). In a recent statement, the FDIC revealed that the bank holding company would acquire all deposits and loans of SVB. According to the deal, 17 former SVB branches will reopen as...

Sweden’s largest pension fund Alecta dumped its First Republic Bank stake at a $728 million loss amid broader US banking losses.  Swedish pension fund Alecta recently offloaded its First Republic Bank (NYSE: FRC) shares following the latter’s massive drawdown. The leading Swedish pension fund was the fifth-largest shareholder at the embattled bank but now appears to have lost faith in First Republic. According to Alecta CEO Magnus Billing, uncertainty regarding the future of First Republic...