Markets were remarkably quiet following the second-biggest bank failure in U.S. history. Investors are waiting for the Fed meeting and Apple's earnings.
. However, there might still be short-term turbulence on the way for bank stocks and deposits — along with long-term challenges like tighter banking regulations.Markets were remarkably quiet following the second-biggest bank failure in U.S. history. The major indexes lost ground, but only marginally.
One reason was that First Republic's failure — and takeover by a bigger bank — was not unexpected. An intervention of some sort, in fact, seemed obvious ever since First Republic reported last Mondayin the first quarter, while its net interest income dropped 30% year over year. That sort of numbers simply aren't sustainable.
Now, however, "the wall of worry may ease," said Wells Fargo banking analyst Mike Mayo in a note to clients. "Resolving FRC should end the 7-week post SVB bank crisis phase."
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JPMorgan shares pop after the bank takes over embattled First Republic. Here's what the experts have to sayPros on CNBC discuss JPMorgan Chase after it acquires First Republic Bank.
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U.S. stocks open mixed after regulators seize First Republic Bank, sell to JPMorgan ChaseU.S. stock indexes opened mixed after JPMorgan said it has won the auction to take over fallen First Republic Bank after regulators seized the lender. The Dow Jones Industrial Average gained 51 points, or 0.2%, to 34,148:
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Watch CNBC's full interview with Apollo Global Management CEO Marc RowanApollo Global Management CEO Marc Rowan joins David Faber on 'Squawk on the Street' to discuss the fallout of First Republic's banking failure, Apollo's performance, recession prediction, and more.
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First Republic’s crisis is not an isolated incident - suggests JPMorgan execIn an April 27 Bloomberg Interview, JP Morgan Asset Management CIO, Bob Michele said that the crisis currently faced by First Republic Bank, isn’t “limited” to the bank itself, but a wider banking problem. He noted “some sort of resolution' is vital.
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PNC, JPMorgan putting in final bids for First Republic Bank in FDIC auctionRegulators have been trying to arrange a sale of First Republic over the weekend, with roughly half a dozen banks bidding, in what is likely to be the third major U.S. bank to fail in two months.
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JPMorgan Chase Agrees To Acquire First Republic Bank’s Deposits After FDIC InterventionJPMorgan Chase has agreed to assume all deposits of First Republic bank as part of a deal inked with the FDIC.
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