As beleaguered First Republic Bank considers its options, Treasury Secretary Janet Yellen said on Wednesday there is no discussion on insurance for all deposits, making a 'bull case' scenario more difficult for the stock.
with Lael Brainard, the director of the White House's National Economic Council, during the executive's planned trip to Washington, according to a person familiar with the situation. The meeting was pre-scheduled and Reuters could not establish what was in the agenda. It comes as First Republic Bank's efforts to secure a capital infusion continued on Wednesday.
Even if it clinches a cash infusion, the lender will probably need to take losses on securities in its so-called held to maturity portfolio, the Morgan Stanley analysts wrote. In the worst-case scenario, First Republic's shares would sink to just $1, Morgan Stanley analysts estimated.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
STOCK MARKET NEWS: First Republic on watch, Yellen vows banking support, Tesla’s China salesStocks rebounding as Treasury secretary Janet Yellen offers banking support, First Republic remains on watch, Tesla’s China sales strong, Wall Street readies for quarterly earnings from Nike and GameStop. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Read more »
First Republic surges 50% after Janet Yellen pledges US banks supportSan Francisco-based First Republic was up 51%, bouncing back after suffering a 90% drop this month — including nearly a 50% plunge on Monday.
Read more »
Yellen says U.S. banks ‘stabilizing’ after emergency actions by Treasury, regulatorsTreasury Secretary Janet Yellen says the U.S. banking system is “stabilizing” after the failure of two banks and the rescue of a third institution led to concerns of a broader crisis in the industry.
Read more »
FLASHBACK: Treasury Sec. Yellen didn't 'believe' she’d see another financial crisis in her lifetimeTreasury Secretary Janet Yellen in 2017 remarked that she did not believe another financial crisis like the 2008 crash and Great Recession would happen again in our lifetime.
Read more »
US Treasury Sec. Yellen: New Fed facility working to provide liquidity to banking systemThe Federal Reserve's new Bank Term Funding facility and discount window lending are working to provide liquidity to the banking system, US Treasury S
Read more »
Treasury Secretary Yellen says the government could backstop more deposits if necessary to stop contagionTreasury Sec. Yellen is defending the government’s intervention in the financial system and suggesting it could provide further guarantees of deposits if the banking crisis worsens. kaylatausche reports.
Read more »