First Republic Bank tumbles more than 76% as US president tries to reassure markets and depositors
13 March 2023 - 19:41US President Joe Biden speaks at the White House in Washington, DC, the US, March 13 2023. Picture: CHRIS KLEPONIS/CNP/BLOOMBERG
First Republic had been able to meet withdrawal demands on Monday with the help of extra funding from JPMorgan Chase, the mid-cap lender’s executive chair Jim Herbert told CNBC, adding that it was not seeing a huge deposit outflow. "Americans can have confidence that the banking system is safe. Your deposits will be there when you need them," he said.
Emboldened by bets that the US Federal Reserve may have to slow its rate hikes, and with investors seeking safe havens, the price of gold raced towards the key $1,900 level. US regulators stepped in on Sunday after the collapse of SVB, which suffered a run after a big bond portfolio hit. While SVB UK is small — HSBC’s balance sheet exceeds $2.9- trillion — concerns that SVB’s failure would cause Britain’s start-up industry to seize up had prompted calls for government help from some in the sector.
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