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FRC / First Republic stock tumbles toward a record low after S&P slashes credit rating by another 3 notches

First Republic stock tumbles toward a record low after S&P slashes credit rating by another 3 notches
Shares of First Republic Bank FRC, -32.80% tumbled 14.6% toward a record low Monday, after the troubled bank had its credit rating slashed deeper into junk territory over the weekend, as S&P Global Rating said the $30 billion rescue package received last week doesn't solve the “substantial liquidity and funding challenges. S&P said Sunday that it cut its rating on First Republic by another three notches to B+, just four days after cutting it by four notches to BB+, the first speculative grade, or junk rating, from A-. Read More
Posted: Mar 20 2023, 06:21
Author Name: Market Watch
Views: 112355

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First Republic Bank paid some employees salaries of more than $10 mln before collapse - Bloomberg News

By Reuters
May 25, 2023

First Republic Bank paid some employees salaries of more than $10 mln before collapse - Bloomberg News

First Republic Bank was paying dozens of employees more than $10 million apiece annually in the heyday before its collapse, Bloomberg News reported on more_horizontal

DOJ reviewing First Republic Bank staffers' stock trades

By Yahoo Finance
May 24, 2023

DOJ reviewing First Republic Bank staffers' stock trades

Yahoo Finance's Julie Hyman analyzes a report from Bloomberg that the U.S. Department of Justice is reviewing First Republic Bank staffers' stock trad more_horizontal

US prosecutors probe trading by First Republic's former employees - Bloomberg Law

By Reuters
May 24, 2023

US prosecutors probe trading by First Republic's former employees - Bloomberg Law

U.S. prosecutors are reviewing stock trading by some of First Republic Bank's employees during the lender's recent collapse, Bloomberg Law reported on more_horizontal

NYC pension funds lose $2M in failed First Republic, Signature banks

By New York Post
May 20, 2023

NYC pension funds lose $2M in failed First Republic, Signature banks

City pension funds had almost $2 million invested with First Republic Bank and Signature Bank -- all of which was lost when the banks failed this year more_horizontal

Former First Republic CEO testifies before Congress

By Yahoo Finance
May 17, 2023

Former First Republic CEO testifies before Congress

Yahoo Finance Live's Rachelle Akuffo reports on former SVB and former First Republic CEOs testifying before Congress to address the banking collapse o more_horizontal

Lawmaker Blasts First Republic Chief: You Were One Of ‘3 Worst-Run Banks' In U.S.

By Forbes
May 17, 2023

Lawmaker Blasts First Republic Chief: You Were One Of ‘3 Worst-Run Banks' In U.S.

First Republic's former CEO Mike Roffler testified Wednesday his bank became the second-largest failed lender in American history for factors other th more_horizontal

Ex-First Republic CEO says regulators did not express concerns, blames contagion for bank's collapse

By Reuters
May 17, 2023

Ex-First Republic CEO says regulators did not express concerns, blames contagion for bank's collapse

The former chief executive of the First Republic Bank Michael Roffler blamed contagion spread from the failures of regional banks for the bank's colla more_horizontal

Renaissance, Adage Capital bet on First Republic in Q1 before its collapse

By Reuters
May 15, 2023

Renaissance, Adage Capital bet on First Republic in Q1 before its collapse

Billionaire investor Jim Simons' Renaissance Technologies LLC was among the prominent funds that took positions in embattled regional bank First Repub more_horizontal


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