Tag: Bank of America Corp

Apr292023 by Waqas-ChNo Comments

JPMorgan Chase, Bank of America asked for bids

A First Republic bank branch in Manhattan on April 24, 2023 in New York City.Spencer Platt | Getty ImagesU.S. regulators have asked banks for their best and final takeover offers for First Republic by Sunday afternoon, in a move that authorities hope will calm markets and cap a period of uncertainty for regional lenders.JPMorgan Chase and PNC are likely bidders for the ailing lender, which would be seized in receivership and immediately sold to the winning bank, according to people with knowledge of the situation. The Wall Street Journal reported those banks' interest late Friday.related investing newsOther companies are likely to step up. Bank of America is among several other institutions that are weighing a potential bid for First Republic, according to people with knowledge of the m...

Mar212023 by Waqas-ChNo Comments

Virgin Orbit scrambles to avoid bankruptcy as deal talks continue

Business

Virgin Orbit's LauncherOne rocket on display in Times Square, New York.CNBC | Michael SheetzVirgin Orbit is scrambling to secure a funding lifeline and avoid bankruptcy, which could come as early as this week without a deal, CNBC has learned.The rocket builder paused operations last week and furloughed most of the company, as CNBC first reported, while it sought new investment or a potential buyout.Virgin Orbit CEO Dan Hart and other senior leadership held daily talks with interested parties through the weekend, according to people familiar with the matter, who asked to remain anonymous in order to discuss internal matters.During an all-hands meeting last week, Hart told employees that the company hoped to give an update on the situation as soon as Wednesday.Meanwhile top talent is alre...

Mar172023 by Waqas-ChNo Comments

$30 billion First Republic rescue plan should temper future bank runs

What's Hot

The move by major banks on Thursday to extend a much needed lifeline to First Republic should help reignite confidence in the sector after a difficult week, Wall Street says. A group of 11 prominent banking players, including Bank of America , Citigroup , JPMorgan and Morgan Stanley , pledged Thursday to inject $30 billion worth of deposits into First Republic in an effort to rescue the struggling firm . "We view the move by the industry as a positive step to stem contagion amid the regional bank crisis," wrote Evercore ISI's John Pancari in a Thursday note. "We believe the move sends a message of broader stability for the sector and should help further temper depositor fears," and enables the "bank to fight another day." First Republic shares have plummeted 58% this week, after the fai...

Dec192022 by Waqas-ChNo Comments

2022 didn’t go as expected for bank investors. Stocks to watch for 2023

What's Hot

Banks finally got a long-awaited boost to interest rates this year after a decade of toiling in a low-rate environment. It didn't go as planned. A year ago, big lenders including Bank of America and Wells Fargo were the top picks of the analyst community because they were expected to benefit from higher rates . Loan growth coupled with vast deposit bases would drive gains in interest income as the Federal Reserve hiked rates, the thinking went. While that trend played out, the bull case was spoiled by inflation at four-decade highs, which forced the Fed to boost rates more than expected , triggering concerns of a recession. In a downturn, banks are exposed to surging loan defaults, reduced loan demand and write-downs on assets. That's why the KBW Bank Index slumped 23% through mid-Decem...