US threatens TikTok ban - Another bank rescue - France forces pension reform

Source: Bloomberg

1. Summary
   Eleven major banks have pledged to deposit $30 billion in First Republic Bank in a plan brokered by the Biden administration, amid fears that the mid-sized financial institution could collapse. Bank of America, Wells Fargo, Citigroup, and JP Morgan Chase will each deposit $5 billion, while the remaining banks will deposit smaller amounts.
   
   Just as how Silicon Valley Bank and Signature Bank had a large number of uninsured deposits, about two-thirds of First Republic's deposits were uninsured, prompting fears it was vulnerable to a bank run. Wall Street's deposits are obligated to stay with First Republic for at least 120 days. Sources told CNBC that an acquisition of First Republic was unlikely, as high interest rates caused sustained losses on its large bond portfolio.
   
   First Republic primarily serves high-end clients and firms, and it had $212 billion in assets in late 2022 (similar to SVB). Several First Republic executives began selling their stock in the company at the beginning of the year. The most recent sale occurred two days before SVB's collapse.

   Highly-rated - last 48 hrs
   Wall Street rides to the rescue as 11 banks pledge First Republic $30 billion in deposits.
   CNBC (Moderate Left) • Factual Grade 75% • 3 min read
   

1. Different political viewpoint
   First Republic Bank executives sold $12 million in stock in months before crash.
   Fox Business (Moderate Right) • Factual Grade 63% • 5 min read

1. Selected long-read
   More turbulence likely ahead after bank collapses.
   Harvard Gazette (Center) • Factual Grade 66% • 5 min read

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