JPMorgan Chase & Co will buy First Republic Bank after its was taken over by regulators, making the troubled regional lender the third major U.S. institution to fail since March this year. JPMorgan will “assume all deposits, including all uninsured deposits, and substantially all assets” of First Republic, the California Department of Financial Protection and … Read more
Citigroup Inc CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled in global financial markets. “The banking system is pretty sound,” and large and regional banks are well-capitalized, Fraser told the Economic Club of Washington D.C. on Wednesday. “This is not a credit crisis. This … Read more
Gold prices ticked up on Friday and were on course for a third consecutive weekly rise as the global banking crisis sent investors flocking to the safe-haven metal. FUNDAMENTALS * Spot gold was up 0.1% at $1,920.19 per ounce, as of 0033 GMT. U.S. gold futures rose 0.1% to $1,925.50. * Bullion is set to … Read more