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The Latest Breaking News on Financial Services

Stock market today: Asia shares mixed on holiday mode trade

Asian shares are mixed with some markets closed or anticipating holidays and investors showing muted reaction to the latest U.S. banking failure

The Independent UK

'Worst is over', Citi official says as bank looks to increase staff in Hong Kong

Citigroup, the biggest foreign lender in Hong Kong, will increase staff at its commercial banking unit in the city by 100 to tap growing opportunities in the Greater Bay Area, according to a senior executive.

Bangkok Post

First Republic Bank seized, sold in fire sale to JPMorgan

In the second-largest bank failure in U.S. history, officials seize First Republic Bank, selling its deposits and most of its assets. It’s the third midsize bank to fail in two months.

Chicago Sun-Times

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SVB's collapse shows Fed failure to supervise banks

The aftershocks of the collapse of Silicon Valley Bank (SVB), while seemingly fading, are still reverberating around the world. Although Federal Reserve officials have taken pains to assure the public that the US banking system is sound, it is unclear why anyone should believe them. After all, Fed Chair Jerome…

Bangkok Post

First Republic Bank Fails As Former Treasury Secretary Larry Summers Warns The Consequences To Come

The failed bank was taken over by the FDIC and taken over by JPMorgan Chase A Month After Received A $30 billion deposit

Zenger

Reserve Bank hikes cash rate to 3.85 per cent, ASX hits three-week low, Qantas appoints new CEO to replace Alan Joyce

The RBA has surprised markets and economists by lifting interest rates to 3.85 per cent, after being widely predicted to stay on hold for a second month. Look back on the day's events as they happened with our blog.

ABC News

Stock Market Today: Stocks Struggle After JPMorgan Buys First Republic

It was a choppy day for stocks as investors considered another bank failure.

Kiplinger

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Why First Republic failed. Are other banks to follow?

First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks

The Independent UK

First Republic's failure may lead to other woes

Struggling banks — even if they're not failing — are bad news for economic growth.

Axios

Kiwi banks at odds with Aussie bosses over gambling on credit

Australian banks are supporting a Canberra government ban on gamblers using their credit cards to bet online. Their Kiwi subsidiaries are taking quite a different position.

Newsroom.co.nz

First Republic Bank collapses, seized

"Ultimately taxpayers will be on the hook," Sen. Elizabeth Warren warned

Salon

Full list of 76 bank branches that will shut FOREVER this month including HSBC, Halifax & TSB

According to Which? since 2015 over 5,500 bank and building society branches have shut their doors as more people shift to online services to manage their money

Daily Mirror

Is my money safe? What you need to know about bank failures

Recent bank failures may have you worried about your money

The Independent UK

Five Places to Put Cash Rather Than in the Bank

FDIC sweep programs, money market funds, Treasuries and more could be alternative places to stash cash instead of keeping it in the bank.

Kiplinger

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The Guardian - UK

JP Morgan boss plays down risk of crisis after second biggest bank failure in US history

Jamie Dimon’s remarks follow $10.6bn takeover brokered by US regulators to buy most of failed First Republic

The Independent UK

First Republic Bank seized by US regulators and sold to JP Morgan Chase

Drastic intervention to contain third US bank failure in two months

WEKU

JPMorgan Chase buys troubled First Republic Bank after U.S. government takeover

JPMorgan Chase is taking over First Republic after the troubled bank was placed in the FDIC's receivership in the latest failure in the banking system.

Wales Online

London hotel named in honour of the King's big day

London Bank's Premier Inn has had a new signage - and has been renamed the "Cor-Inn-nation", in honour of the special day.

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ABC News

US authorities 'auction' First Republic Bank to JPMorgan after second biggest bank failure in history

US regional bank First Republic had a little more than $301 billion worth of assets and around 7,000 employees.

The Guardian - UK

Barclays bank put my £350,000 out of reach after Brexit changes

I am out of work and need it but it shut down my account here in Spain

The Independent UK

First Republic in limbo as US regulators juggle bank's fate

Regulators are searching for a solution to First Republic Bank’s woes, hoping to find a way forward before U.S. stock markets open Monday

The Independent UK

Stock market today: Tokyo gains, most Asian markets closed

Shares have advanced in Tokyo and Sydney while most Asian markets were closed for May 1 holidays

Chicago Sun-Times

First Republic Bank’s fate is up in air as regulators seek a solution to its woes

First Republic is seen as the next bank likely to fail after Silicon Valley Bank, Signature Bank because of its amount of uninsured deposits and exposure to low interest rates.

The Independent UK

First Republic up in air as regulators juggle bank's fate

Regulators continued their search for a solution to First Republic Bank’s woes over the weekend before stock markets were set to open Monday

ABC News

Losing interest rate floor has led to 'bad outcomes' for many Australians, says former senior bank regulator

The scrapping of the interest rate floor five years ago has led to "bad outcomes" for many Australians who secured ultra-cheap home loans during the pandemic and are now facing a fall over the mortgage cliff, says a former head of credit risk at the nation's financial regulator.

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