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Tag: Citigroup Inc

JPMorgan Chase, Bank of America asked for bids

JPMorgan Chase, Bank of America asked for bids

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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...
Citigroup (C) earnings Q1 2023

Citigroup (C) earnings Q1 2023

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Citigroup reported rising net income and better-than-expected revenue for the first quarter, boosting its stock Friday even as the bank's executives expressed caution about the path of the U.S. economy.Here is how Citigroup's key metrics compared with expectations.$4.6 billion in net income vs. $4.3 billion in the same period last year$21.45 billion in revenue vs. $19.99 billion expected, according to Refinitiv.Citigroup reported earnings of $2.19 per share for the quarter. It was not clear how comparable that number is to estimates, but it appeared to be a solid beat, based on both GAAP and adjusted earnings per share.Shares of the bank rose about 4%.Stock Chart IconStock chart iconCiti's stock rose after the bank reported better-than-expected results for the first quarter. The results...
Stock market today: Live updates

Stock market today: Live updates

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Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2023 in New York City. Spencer Platt | Getty ImagesThe S&P 500 fell Monday as fears of a recession grew on Wall Street, and investors looked ahead to key inflation data this week.The broader index slid 0.65%. The Dow Jones Industrial Average traded 15 points lower, or 0.05%. The Nasdaq Composite lagged, falling 1.26%.Tech stocks struggled, with shares of Apple falling 1.9% and Google-parent Alphabet sliding 1.7%. Tesla shares fell 3.6% after the company said it will cut prices again on some electric vehicles.Markets are coming off a choppy week as investors digested signs of a weakening labor market. However, the March jobs report on Friday showed a resilient economy and moderate inflation, which pushed sto...
$30 billion First Republic rescue plan should temper future bank runs

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

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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...