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Alibaba bear but we see tomorrow
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3 Stocks You Might Be Glad You Bought at These Prices
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Lots of great companies have seen their stock prices drop tremendously, presenting a good opportunity for investors to grab shares at prices we haven't seen in quite some time.</p><p>Here are three stocks you could be glad you bought at current prices.</p><h2>1. <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a></h2><p>While the past year or so has been tough on most big tech stocks, <b>Alphabet</b> had it worse than many of its peers. Some of the stock's struggles were a byproduct of macroeconomic conditions and a slowdown in digital ad spending, but I believe the stock has been unfairly punished as an overreaction to the recent artificial intelligence (AI) hype.</p><p>More specifically, the success of ChatGPT (which <b>Microsoft</b> owns a large portion of) and the botched presentation that occurred while introducing Google's AI chatbot, Bard. After Bard returned a wrong answer, Alphabet's stock plummeted, losing around $100 billion in market value in one day. A bit of an overreaction, if you ask me.</p><p><img src=\"https://static.tigerbbs.com/e86aa699b420a28437a200a437e857eb\" tg-width=\"720\" tg-height=\"483\" referrerpolicy=\"no-referrer\"/></p><p>Data by YCharts.</p><p>Looking at Alphabet's price-to-earnings (P/E) ratio, you could say that it's undervalued, especially compared to how expensive it's been in recent memory. Its P/E is 68% less than five years ago, and its forward P/E is much lower than other competitors. Even <b>Meta</b>, a company that lost around 75% of its market value in just over a year's time, has a higher P/E than Alphabet now.</p><p>Alphabet has its faults, but it didn't get its reputation as one of the most innovative companies of our time by accident. Management deserves all the criticism it has been receiving lately, but the growth potential of the company remains strong.</p><p>If you haven't begun already, now might be the time to start or increase your stake in the company.</p><h2>2. <a href=\"https://laohu8.com/S/PYPL\">PayPal</a></h2><p><b>PayPal</b> (PYPL 0.87%) was a huge beneficiary of the mid-2020 bull market, with the stock increasing more than 240% from March 2020 to February 2021. But since then, it has lost over 75% of its market value and is the cheapest it's been since 2017.</p><p>PayPal's revenue grew 8.5% year over year to $27.5 billion, but maybe more impressive is the free cash flow (FCF) the company continues to generate. Its FCF increased from $4.9 billion in 2021 to $5.1 billion in 2022, and although it predicts a decline to $5 billion in 2023, it's still impressive.</p><p>PayPal's trailing-12-month FCF yield (FCF divided by market capitalization) is noticeably higher than most of its competitors, and its price-to-FCF is close to the lowest it's ever been. The company plans to use around 75% of its FCF to buy back shares, which is not only smart considering how cheap shares currently are, but it can also create additional value for shareholders.</p><p><img src=\"https://static.tigerbbs.com/c1d160eda5ff8159e146215295f788bd\" tg-width=\"720\" tg-height=\"483\" referrerpolicy=\"no-referrer\"/></p><p>Data by YCharts.</p><p>Add in the fact that PayPal continues to grow in key metrics including active accounts (up 2% year over year), payment volume (up 9% year over year), and payment transactions (up 16% year over year), and it's looking like a good value for long-term investors.</p><h2>3. <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a></h2><p><b>Walt Disney</b> has been a blue chip for quite some time now, but even blue chip companies have their faults. Disney has struggled in recent years with high operating losses in some divisions and lackluster creative output. But I believe the return of CEO Bob Iger will help get the company back on track.</p><p>Disney's bread and butter is its creativity and intellectual property (IP), and under Iger's first leadership stint, that drove the company's direction and culture. Under previous CEO Bob Chapek (who lasted only 2.5 years), a lot of that was seemingly lost, with many reports of employees complaining about creative restraints and bureaucracy. Iger understands Disney better than most, and should help spark a revival in the company.</p><p>Management suspended its dividend because of the pandemic, but plans to reinstate it, which should reassure investors about its future and financial health. Revenue grew 8% year over year in the first quarter of its 2023 fiscal year. And as it begins to prioritize cost-cutting, its bottom line should catch up.</p><p>Disney is an undisputed entertainment leader with an intellectual property moat that no other entertainment company can match. If you have time on your side, it's hard to look the other way when you see the stock trading at its current levels.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Stocks You Might Be Glad You Bought at These Prices</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Stocks You Might Be Glad You Bought at These Prices\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-16 13:56 GMT+8 <a href=https://www.fool.com/investing/2023/03/15/3-stocks-youll-be-glad-you-bought-at-these-prices/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The past 12 to 16 months in the stock market haven't been kind to many companies and investors, but in chaos can come opportunity. Lots of great companies have seen their stock prices drop ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/15/3-stocks-youll-be-glad-you-bought-at-these-prices/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","SG9999015978.USD":"利安颠覆性创新基金A","BK4507":"流媒体概念","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4533":"AQR资本管理(全球第二大对冲基金)","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4211":"区域性银行","BK4525":"远程办公概念","BK4566":"资本集团","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","DIS":"迪士尼","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4543":"AI","LU0354030511.USD":"ALLSPRING U.S. LARGE CAP GROWTH \"I\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4588":"碎股","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","BK4503":"景林资产持仓","BK4551":"寇图资本持仓","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","BK4581":"高盛持仓","GOOGL":"谷歌A","SG9999001077.SGD":"United International Growth Fund SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4548":"巴美列捷福持仓","BK4514":"搜索引擎","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0061474960.USD":"天利环球焦点基金AU Acc","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","PYPL":"PayPal","BK4528":"SaaS概念","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD"},"source_url":"https://www.fool.com/investing/2023/03/15/3-stocks-youll-be-glad-you-bought-at-these-prices/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2319923890","content_text":"The past 12 to 16 months in the stock market haven't been kind to many companies and investors, but in chaos can come opportunity. Lots of great companies have seen their stock prices drop tremendously, presenting a good opportunity for investors to grab shares at prices we haven't seen in quite some time.Here are three stocks you could be glad you bought at current prices.1. AlphabetWhile the past year or so has been tough on most big tech stocks, Alphabet had it worse than many of its peers. Some of the stock's struggles were a byproduct of macroeconomic conditions and a slowdown in digital ad spending, but I believe the stock has been unfairly punished as an overreaction to the recent artificial intelligence (AI) hype.More specifically, the success of ChatGPT (which Microsoft owns a large portion of) and the botched presentation that occurred while introducing Google's AI chatbot, Bard. After Bard returned a wrong answer, Alphabet's stock plummeted, losing around $100 billion in market value in one day. A bit of an overreaction, if you ask me.Data by YCharts.Looking at Alphabet's price-to-earnings (P/E) ratio, you could say that it's undervalued, especially compared to how expensive it's been in recent memory. Its P/E is 68% less than five years ago, and its forward P/E is much lower than other competitors. Even Meta, a company that lost around 75% of its market value in just over a year's time, has a higher P/E than Alphabet now.Alphabet has its faults, but it didn't get its reputation as one of the most innovative companies of our time by accident. Management deserves all the criticism it has been receiving lately, but the growth potential of the company remains strong.If you haven't begun already, now might be the time to start or increase your stake in the company.2. PayPalPayPal (PYPL 0.87%) was a huge beneficiary of the mid-2020 bull market, with the stock increasing more than 240% from March 2020 to February 2021. But since then, it has lost over 75% of its market value and is the cheapest it's been since 2017.PayPal's revenue grew 8.5% year over year to $27.5 billion, but maybe more impressive is the free cash flow (FCF) the company continues to generate. Its FCF increased from $4.9 billion in 2021 to $5.1 billion in 2022, and although it predicts a decline to $5 billion in 2023, it's still impressive.PayPal's trailing-12-month FCF yield (FCF divided by market capitalization) is noticeably higher than most of its competitors, and its price-to-FCF is close to the lowest it's ever been. The company plans to use around 75% of its FCF to buy back shares, which is not only smart considering how cheap shares currently are, but it can also create additional value for shareholders.Data by YCharts.Add in the fact that PayPal continues to grow in key metrics including active accounts (up 2% year over year), payment volume (up 9% year over year), and payment transactions (up 16% year over year), and it's looking like a good value for long-term investors.3. Walt DisneyWalt Disney has been a blue chip for quite some time now, but even blue chip companies have their faults. Disney has struggled in recent years with high operating losses in some divisions and lackluster creative output. But I believe the return of CEO Bob Iger will help get the company back on track.Disney's bread and butter is its creativity and intellectual property (IP), and under Iger's first leadership stint, that drove the company's direction and culture. Under previous CEO Bob Chapek (who lasted only 2.5 years), a lot of that was seemingly lost, with many reports of employees complaining about creative restraints and bureaucracy. Iger understands Disney better than most, and should help spark a revival in the company.Management suspended its dividend because of the pandemic, but plans to reinstate it, which should reassure investors about its future and financial health. Revenue grew 8% year over year in the first quarter of its 2023 fiscal year. And as it begins to prioritize cost-cutting, its bottom line should catch up.Disney is an undisputed entertainment leader with an intellectual property moat that no other entertainment company can match. If you have time on your side, it's hard to look the other way when you see the stock trading at its current levels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9943052890,"gmtCreate":1678984393411,"gmtModify":1678984472852,"author":{"id":"4140694114232522","authorId":"4140694114232522","name":"Jarotp","avatar":"https://community-static.tradeup.com/news/fb7068eb35c76fe2868777e9bcb3a151","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4140694114232522","authorIdStr":"4140694114232522"},"themes":[],"htmlText":"Top","listText":"Top","text":"Top","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":17,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9943052890","repostId":"1130069870","repostType":2,"repost":{"id":"1130069870","kind":"news","pubTimestamp":1678977851,"share":"https://ttm.financial/m/news/1130069870?lang=&edition=fundamental","pubTime":"2023-03-16 22:44","market":"us","language":"en","title":"First Republic Goes From Wall Street Raider to Seller in Days","url":"https://stock-news.laohu8.com/highlight/detail?id=1130069870","media":"Bloomberg","summary":"Bank built a $271 billion wealth-management unit aimed at richShares are plunging as company weighs ","content":"<html><head></head><body><ul><li>Bank built a $271 billion wealth-management unit aimed at rich</li><li>Shares are plunging as company weighs options, including sale</li></ul><p><img src=\"https://static.tigerbbs.com/04fc778c9b909c9ba73e47a5ac98da98\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"/></p><p>Just days ago,First Republic Bankboasted of another coup for its wealth-management business:poachinga six-person team fromMorgan Stanleyin Los Angeles.</p><p>That followed hiring sprees targetingBank of America Corp.,JPMorgan Chase & Co., Bank of New York Mellon Corp. andWells Fargo & Co.— raiding crews in Boston, New York and Palo Alto, California. It reflected how the San Francisco-based bank was rapidly expanding on the back of tech riches.</p><p>Now First Republic is racing to reassure customers and clients that it can avoid the fate ofSilicon Valley Bank, which collapsed last week after its depositors fled.</p><p>First Republic’s stockplunged35% at the open on Thursday and is down more than 80% since March 8. It’s now exploring strategic options including a sale, and is expected to draw interest from larger rivals, Bloomberg NewsreportedWednesday.</p><p>It’s a stunning turn of events for the lender, which built up a wealth-management franchise with some $271 billion in assets, putting it in rarefied air among American institutions. Yet it’s the emphasis on that business that could make First Republic’s fate different from SVB and New York’sSignature Bank.</p><p>While it expanded rapidly into capital call lines of credit and lending to venture capitalists — services in which SVB specialized — its specialty serving the affluent is seen as making it more attractive than its California counterpart.</p><p>“First Republic Bank grew up in wealth,” whereas “SVB started in portfolio companies,” said Joe Maxwell, managing partner at Fintop Capital, a fintech venture capital firm. Even though there’s a lot of overlap, where they started is still “part of their DNA,” he said.</p><p>A representative for First Republic didn’t immediately reply to a request for comment. Emails sent to the leaders of its newly added adviser team weren’t immediately returned.</p><p>In a March 12message to clients, signed by Executive Chairman Jim Herbert and Chief Executive Officer Michael Roffler, the bank said it has taken steps to bolster itsliquiditywith access to additional financing from JPMorgan.</p><p>“For almost 40 years, we have operated a simple, straightforward business model centered on taking extraordinary care of our clients. We have successfully navigated various macroeconomic and interest rate environments,” they said.</p><h2>Different Origins</h2><p>First Republic’s origin story, in many ways, couldn’t be more different than SVB’s.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/65d0b402e71145670ba96e4eec3bb0a7\" tg-width=\"800\" tg-height=\"508\" referrerpolicy=\"no-referrer\"/><span>Jim Herbert, right, at a Lincoln Center gala with David and Jamie Mitchell in 2011.Photographer: Amanda Gordon/Bloomberg</span></p><p>Herbert founded First Republic in 1985, based on a hunch that jumbo home mortgages to wealthy, established Californians was too good a business to pass up. SVB’s model of providing banking to startups was conceived a few years prior — over a poker game.</p><p>Yet in the coming four decades, as interest rates tumbled and hot tech money came to dominate American finance, their customer bases began to overlap.</p><p>First Republic started actively courting Silicon Valley’s tech wealth. The bank opened a branch inside Facebook’s campus in Menlo Park, California, in an effort to win over early employees on the road to riches. In San Francisco, it has a bank location inside Twitter’s headquarters on Market Street, which remains open.</p><p>Meanwhile, SVB’s offerings grew as founders and venture capitalists got rich, with the firm eventually buying wealth manager Boston Private in 2021.</p><p>Still, that wealth business pales in comparison to First Republic’s, which saw assets balloon to $271 billion from just $17.8 billion at theend of 2010.</p><h2>Major Player</h2><p>It was around that time that First Republic executives initiated a plan to transform its wealth division into a major player. Among its first deals was buying Luminous Capital, with $6 billion in client assets, for a reported $125 million in 2014.</p><p>“They weren’t penetrating the high-net-worth investment business very well” back then, said Luminous co-founder David Hou.</p><p>As assets continued to climb, eventually surpassing $100 billion, Hou and Mark Sear, his partner, opted to split from the bank. They left in 2019 to start Evoke Advisors.</p><p>Hou, Sear and other Evoke partners though have kept money with First Republic amid the past week’s upheaval. So have other clients and fund managers, some expressinglovefor the bank on social media andurgingpeople to stay put.</p><p>One Silicon Valley investor said they planned to keep all of their personal and business funds with First Republic.</p><p>Despite not having its origins in tech, the investor, who asked not to be identified discussing private information, found First Republic better understood the complexities of private tech wealth than the big banks — and on an even footing with SVB.</p><p>They were introduced to both banks six years ago as an early tech employee and chose First Republic over SVB for its relationship management with clients. They now have a personal line of credit, mortgage and venture fund with the bank — and plan to keep it there.</p><p>That kind of resolution was put to the test again on Wednesday, when both S&P Global Ratings and Fitch RatingscutFirst Republic’s credit grade to junk, citing risks that its clients would pull their money en masse.</p><h2>No Chances</h2><p>Other First Republic clients are also hoping to see the bank get through the turmoil — but aren’t taking any chances.</p><p>Bay Area homebuyers are now resorting to “double apping” — submitting loan applications at a second bank just in case, said Joske Thompson, a real estate broker at Compass in San Francisco.</p><p>“To have a backup was unheard of just until last week,” said Thompson, who has been a real estate broker for four decades.</p><p>They’re not the only ones exerting caution.</p><p>A New York-based wealth-management firm catering to high-net-worth investors moved an upper-eight-figure amount of cash from First Republic last week, including money in checking accounts, corporate funds and certificates of deposit, according to a person familiar with the matter.</p><p>The person, who asked not to be identified discussing private information, said the wealth manager doesn’t intend to leave the bank forever, but is looking to spread cash around and diversify after SVB’s collapse.</p><p>The money is being rerouted to institutions including JPMorgan and BNY Mellon, the person said.</p><h2>Cultural Connections</h2><p>Herbert, who was First Republic’s CEO for 37 years, has ranked among the highest-paid US executives. The bank’s board includes Colony Capital founder Tom Barrack.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b8bed2f2289d248bb2cb300f8dcbb09\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"/><span>Tom BarrackPhotographer: Kyle Grillot/Bloomberg</span></p><p>Herbert’s compensation totaled $17.8 million in 2021, according to the company’s proxy statement. He has been on the board of institutions from coast to coast, including the San Francisco Ballet Association and New York’s Lincoln Center for the Performing Arts.</p><p>Herbert’s wife, Cecilia, has long been on theboardoverseeingBlackRock Inc.’s iShares exchange-traded fund complex. She’s also been on the boards of nonprofits including Stanford Health Care and WNET Group, a New York public media company.</p><p>Jean-Marc Berteaux had been a private wealth client with First Republic for more than 15 years when he and another customer introduced the bank to Boston Youth Symphony Orchestras, a nonprofit where they serve as board members.</p><p>“They’re supporting nonprofits with the understanding that they can grow their private wealth business,” said Berteaux, a retired investment manager.</p><p>He said his banker was on the phone with him Saturday and Sunday, making sure an insured cash sweep was in place to spread out the nonprofit’s millions in $250,000 chunks to other banks.</p><p>“Give me a mega bank that would have done that,” Berteaux said.</p><h2>Concentration Risk</h2><p>The similarities — and differences — between First Republic and SVB are visible on their balance sheets.</p><p>Both SVB and First Republic finance capital call lines to private equity and venture capital funds. But SVB’s $41 billion balance made up more than half of its loan portfolio. First Republic had $10 billion of such loans outstanding.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/272b4dca201b8b6f8a85e660ae4186d0\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"/><span>Mark ZuckerbergPhotographer: George Frey/Bloomberg</span></p><p>Both originate single-family mortgages, but SVB had lent less than $9 billion. That’s a fraction of First Republic’s $99 billion balance, which made up 59% of their loan portfolio (it gave Mark Zuckerberg a1.05% ratein 2012). It had another $22 billion in multifamily loans and $11 billion in other commercial real estate.</p><p>One area of contrast is their deposit base. Consumer accounts make up 37% of First Republic’s, with businesses covering the rest. SVB doesn’t have the same breakdown in its most recent annual report, but notes deposits came largely from commercial clients in tech, life sciences, private equity and venture capital.</p><p>First Republic has said no sector represents more than 9% of total business deposits, while it has a smaller percentage of unsecured deposits than SVB.</p><p>Dick Bove, chief financial strategist at Odeon Capital Group, expects Royal Bank of Canada is most likely to bid for First Republic,drawn inby the wealth management business.</p><p>“Banks always want what they like to call the ultra-wealthy client group,” he said. First Republic clients have amassed wealth over decades, he said, while many SVB clients were at the whims of “hot money.”</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>First Republic Goes From Wall Street Raider to Seller in Days</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFirst Republic Goes From Wall Street Raider to Seller in Days\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-16 22:44 GMT+8 <a href=https://www.bloomberg.com/news/articles/2023-03-16/first-republic-goes-from-wall-street-raider-to-seller-in-days><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bank built a $271 billion wealth-management unit aimed at richShares are plunging as company weighs options, including saleJust days ago,First Republic Bankboasted of another coup for its wealth-...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-16/first-republic-goes-from-wall-street-raider-to-seller-in-days\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PACW":"西太平洋合众银行","WAL":"阿莱恩斯西部银行"},"source_url":"https://www.bloomberg.com/news/articles/2023-03-16/first-republic-goes-from-wall-street-raider-to-seller-in-days","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130069870","content_text":"Bank built a $271 billion wealth-management unit aimed at richShares are plunging as company weighs options, including saleJust days ago,First Republic Bankboasted of another coup for its wealth-management business:poachinga six-person team fromMorgan Stanleyin Los Angeles.That followed hiring sprees targetingBank of America Corp.,JPMorgan Chase & Co., Bank of New York Mellon Corp. andWells Fargo & Co.— raiding crews in Boston, New York and Palo Alto, California. It reflected how the San Francisco-based bank was rapidly expanding on the back of tech riches.Now First Republic is racing to reassure customers and clients that it can avoid the fate ofSilicon Valley Bank, which collapsed last week after its depositors fled.First Republic’s stockplunged35% at the open on Thursday and is down more than 80% since March 8. It’s now exploring strategic options including a sale, and is expected to draw interest from larger rivals, Bloomberg NewsreportedWednesday.It’s a stunning turn of events for the lender, which built up a wealth-management franchise with some $271 billion in assets, putting it in rarefied air among American institutions. Yet it’s the emphasis on that business that could make First Republic’s fate different from SVB and New York’sSignature Bank.While it expanded rapidly into capital call lines of credit and lending to venture capitalists — services in which SVB specialized — its specialty serving the affluent is seen as making it more attractive than its California counterpart.“First Republic Bank grew up in wealth,” whereas “SVB started in portfolio companies,” said Joe Maxwell, managing partner at Fintop Capital, a fintech venture capital firm. Even though there’s a lot of overlap, where they started is still “part of their DNA,” he said.A representative for First Republic didn’t immediately reply to a request for comment. Emails sent to the leaders of its newly added adviser team weren’t immediately returned.In a March 12message to clients, signed by Executive Chairman Jim Herbert and Chief Executive Officer Michael Roffler, the bank said it has taken steps to bolster itsliquiditywith access to additional financing from JPMorgan.“For almost 40 years, we have operated a simple, straightforward business model centered on taking extraordinary care of our clients. We have successfully navigated various macroeconomic and interest rate environments,” they said.Different OriginsFirst Republic’s origin story, in many ways, couldn’t be more different than SVB’s.Jim Herbert, right, at a Lincoln Center gala with David and Jamie Mitchell in 2011.Photographer: Amanda Gordon/BloombergHerbert founded First Republic in 1985, based on a hunch that jumbo home mortgages to wealthy, established Californians was too good a business to pass up. SVB’s model of providing banking to startups was conceived a few years prior — over a poker game.Yet in the coming four decades, as interest rates tumbled and hot tech money came to dominate American finance, their customer bases began to overlap.First Republic started actively courting Silicon Valley’s tech wealth. The bank opened a branch inside Facebook’s campus in Menlo Park, California, in an effort to win over early employees on the road to riches. In San Francisco, it has a bank location inside Twitter’s headquarters on Market Street, which remains open.Meanwhile, SVB’s offerings grew as founders and venture capitalists got rich, with the firm eventually buying wealth manager Boston Private in 2021.Still, that wealth business pales in comparison to First Republic’s, which saw assets balloon to $271 billion from just $17.8 billion at theend of 2010.Major PlayerIt was around that time that First Republic executives initiated a plan to transform its wealth division into a major player. Among its first deals was buying Luminous Capital, with $6 billion in client assets, for a reported $125 million in 2014.“They weren’t penetrating the high-net-worth investment business very well” back then, said Luminous co-founder David Hou.As assets continued to climb, eventually surpassing $100 billion, Hou and Mark Sear, his partner, opted to split from the bank. They left in 2019 to start Evoke Advisors.Hou, Sear and other Evoke partners though have kept money with First Republic amid the past week’s upheaval. So have other clients and fund managers, some expressinglovefor the bank on social media andurgingpeople to stay put.One Silicon Valley investor said they planned to keep all of their personal and business funds with First Republic.Despite not having its origins in tech, the investor, who asked not to be identified discussing private information, found First Republic better understood the complexities of private tech wealth than the big banks — and on an even footing with SVB.They were introduced to both banks six years ago as an early tech employee and chose First Republic over SVB for its relationship management with clients. They now have a personal line of credit, mortgage and venture fund with the bank — and plan to keep it there.That kind of resolution was put to the test again on Wednesday, when both S&P Global Ratings and Fitch RatingscutFirst Republic’s credit grade to junk, citing risks that its clients would pull their money en masse.No ChancesOther First Republic clients are also hoping to see the bank get through the turmoil — but aren’t taking any chances.Bay Area homebuyers are now resorting to “double apping” — submitting loan applications at a second bank just in case, said Joske Thompson, a real estate broker at Compass in San Francisco.“To have a backup was unheard of just until last week,” said Thompson, who has been a real estate broker for four decades.They’re not the only ones exerting caution.A New York-based wealth-management firm catering to high-net-worth investors moved an upper-eight-figure amount of cash from First Republic last week, including money in checking accounts, corporate funds and certificates of deposit, according to a person familiar with the matter.The person, who asked not to be identified discussing private information, said the wealth manager doesn’t intend to leave the bank forever, but is looking to spread cash around and diversify after SVB’s collapse.The money is being rerouted to institutions including JPMorgan and BNY Mellon, the person said.Cultural ConnectionsHerbert, who was First Republic’s CEO for 37 years, has ranked among the highest-paid US executives. The bank’s board includes Colony Capital founder Tom Barrack.Tom BarrackPhotographer: Kyle Grillot/BloombergHerbert’s compensation totaled $17.8 million in 2021, according to the company’s proxy statement. He has been on the board of institutions from coast to coast, including the San Francisco Ballet Association and New York’s Lincoln Center for the Performing Arts.Herbert’s wife, Cecilia, has long been on theboardoverseeingBlackRock Inc.’s iShares exchange-traded fund complex. She’s also been on the boards of nonprofits including Stanford Health Care and WNET Group, a New York public media company.Jean-Marc Berteaux had been a private wealth client with First Republic for more than 15 years when he and another customer introduced the bank to Boston Youth Symphony Orchestras, a nonprofit where they serve as board members.“They’re supporting nonprofits with the understanding that they can grow their private wealth business,” said Berteaux, a retired investment manager.He said his banker was on the phone with him Saturday and Sunday, making sure an insured cash sweep was in place to spread out the nonprofit’s millions in $250,000 chunks to other banks.“Give me a mega bank that would have done that,” Berteaux said.Concentration RiskThe similarities — and differences — between First Republic and SVB are visible on their balance sheets.Both SVB and First Republic finance capital call lines to private equity and venture capital funds. But SVB’s $41 billion balance made up more than half of its loan portfolio. First Republic had $10 billion of such loans outstanding.Mark ZuckerbergPhotographer: George Frey/BloombergBoth originate single-family mortgages, but SVB had lent less than $9 billion. That’s a fraction of First Republic’s $99 billion balance, which made up 59% of their loan portfolio (it gave Mark Zuckerberg a1.05% ratein 2012). It had another $22 billion in multifamily loans and $11 billion in other commercial real estate.One area of contrast is their deposit base. Consumer accounts make up 37% of First Republic’s, with businesses covering the rest. SVB doesn’t have the same breakdown in its most recent annual report, but notes deposits came largely from commercial clients in tech, life sciences, private equity and venture capital.First Republic has said no sector represents more than 9% of total business deposits, while it has a smaller percentage of unsecured deposits than SVB.Dick Bove, chief financial strategist at Odeon Capital Group, expects Royal Bank of Canada is most likely to bid for First Republic,drawn inby the wealth management business.“Banks always want what they like to call the ultra-wealthy client group,” he said. First Republic clients have amassed wealth over decades, he said, while many SVB clients were at the whims of “hot money.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943099019,"gmtCreate":1678948358531,"gmtModify":1678949780955,"author":{"id":"4140694114232522","authorId":"4140694114232522","name":"Jarotp","avatar":"https://community-static.tradeup.com/news/fb7068eb35c76fe2868777e9bcb3a151","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4140694114232522","authorIdStr":"4140694114232522"},"themes":[],"htmlText":"Top","listText":"Top","text":"Top","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943099019","repostId":"2319923890","repostType":2,"isVote":1,"tweetType":1,"viewCount":468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943913209,"gmtCreate":1679032109202,"gmtModify":1679032647402,"author":{"id":"4140694114232522","authorId":"4140694114232522","name":"Jarotp","avatar":"https://community-static.tradeup.com/news/fb7068eb35c76fe2868777e9bcb3a151","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4140694114232522","authorIdStr":"4140694114232522"},"themes":[],"htmlText":"Top","listText":"Top","text":"Top","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943913209","repostId":"1145941120","repostType":2,"repost":{"id":"1145941120","kind":"news","pubTimestamp":1679031617,"share":"https://ttm.financial/m/news/1145941120?lang=&edition=fundamental","pubTime":"2023-03-17 13:40","market":"us","language":"en","title":"How Dimon and Yellen Helped Secure $30 Billion Lifeline for First Republic","url":"https://stock-news.laohu8.com/highlight/detail?id=1145941120","media":"Bloomberg","summary":"Eleven banks deposit $30 billion to backstop distressed firmFlurry of calls persuades some CEOs wond","content":"<html><head></head><body><ul><li>Eleven banks deposit $30 billion to backstop distressed firm</li><li>Flurry of calls persuades some CEOs wondering, ‘Will it work?’</li></ul><p>Jamie Dimon and Janet Yellen were on a call Tuesday, when she floated an idea: What if the nation’s largest lenders deposited billions of dollars into First Republic Bank, the latest firm getting nudged toward the brink by a depositor panic.</p><p>Dimon was game — and soon the chief executive officer of JPMorgan Chase & Co. was reaching out to the heads of the next three largest US lenders: Bank of America Corp., Citigroup Inc. and Wells Fargo & Co.</p><p>All month, the nation’s banking giants have been raking in deposits from nervous customers at smaller firms — and now those behemoths would be taking some of their own money and handing it to a San Francisco bank in distress, trying to stanch a widening crisis.</p><p>Over two days of frantic phone calls, meetings and some arm-twisting, the CEOs of 11 banks agreed to chip in a total of $30 billion for First Republic, promising to park the money there at least 120 days.</p><p>The hope is that’s enough to save First Republic, known for its outsize business catering to wealthy tech executives. Or perhaps at the least, the cash will give the firm enough time to find another solution, such as a sale.</p><p>Such is the new-new-new line in the sand as the authorities in the US and Europe try to quell the Panic of 2023.</p><p>Already the rescue spearheaded by Dimon is sparking comparisons to the Panic of 1907, when J. Pierpont Morgan — who built up the company Dimon now leads — corralled Wall Street financiers into his private library and browbeat them into propping up the Trust Company of America, seeking to stop a string of bank runs that threatened to upend the industry.</p><p>One reason strong banks stepped forward then was that US authorities had little ability to do so, which led to the creation of the Federal Reserve. This time regulators were already scrutinizing First Republic, raising the prospect of emergency government intervention — and political blowback for years to come.</p><p>“If this works, it is a brilliant two-fer,’” said Todd Baker, a senior fellow at Columbia University’s Richard Paul Richman Center for Business, Law, and Public Policy. Big banks already were coming under fire for soaking up deposits from smaller lenders. Now they can show they’re part of the solution, while the Biden administration worries about one less bank, he said.</p><p>Regulators took their own shot at assuaging US banking customers last weekend, promising to fully pay out uninsured deposits after the failure of two US lenders — SVB Financial Group and Signature Bank. The Fed also made a pair of facilities available to help other banks keep up with any demands for withdrawals.</p><p>But that’s not guaranteed to work. And there already are signs that the strains in the financial system have yet to abate.</p><p>Early Thursday in Zurich, the Swiss National Bank offered Credit Suisse Group AG a $54 billion liquidity lifeline to keep the firm in business as it tries to overhaul operations.</p><p>Then later on Thursday, the Fed published data showing how heavily banks are drawing on its assistance.</p><p>They borrowed a combined $164.8 billion from two backstop facilities in the most recent week ended March 15. That includes a record $152.85 billion from the discount window, the traditional liquidity backstop for banks. The prior all-time high was $111 billion reached during the 2008 financial crisis.</p><p>With that backdrop, most big US banks were eager to show their interest in pitching in, according to people who described the behind-the-scenes talks, who asked not to be named because the deliberations were confidential.</p><p>Treasury Secretary Yellen discussed the idea early on with senior officials including Fed Chair Jerome Powell and FDIC Chairman Martin Gruenberg.</p><p>The flurry of phone calls among bankers kept widening on Wednesday as more firms agreed to join the group. Still, some CEOs required cajoling, questioning the necessity of the rescue or whether it’s enough to work. Yellen spoke to some directly, also keeping White House Chief of Staff Jeff Zients and National Economic Council Director Lael Brainard in the loop.</p><p>By Thursday, much of the group was taking shape. It’s possible that at least some laggards were invited late, or just needed more time to get internal approvals. Goldman Sachs Group Inc. was among the last few.</p><p>Another call Thursday morning between regulators and CEOs helped finalize the plan.</p><p>“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” Yellen, Powell, Gruenberg and acting Comptroller of the Currency Michael Hsu said in a joint statement.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Dimon and Yellen Helped Secure $30 Billion Lifeline for First Republic</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Dimon and Yellen Helped Secure $30 Billion Lifeline for First Republic\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-17 13:40 GMT+8 <a href=https://www.bloomberg.com/news/articles/2023-03-17/banks-toss-first-republic-lifeline-with-yellen-dimon-s-cajoling?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Eleven banks deposit $30 billion to backstop distressed firmFlurry of calls persuades some CEOs wondering, ‘Will it work?’Jamie Dimon and Janet Yellen were on a call Tuesday, when she floated an idea:...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-17/banks-toss-first-republic-lifeline-with-yellen-dimon-s-cajoling?srnd=premium\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2023-03-17/banks-toss-first-republic-lifeline-with-yellen-dimon-s-cajoling?srnd=premium","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145941120","content_text":"Eleven banks deposit $30 billion to backstop distressed firmFlurry of calls persuades some CEOs wondering, ‘Will it work?’Jamie Dimon and Janet Yellen were on a call Tuesday, when she floated an idea: What if the nation’s largest lenders deposited billions of dollars into First Republic Bank, the latest firm getting nudged toward the brink by a depositor panic.Dimon was game — and soon the chief executive officer of JPMorgan Chase & Co. was reaching out to the heads of the next three largest US lenders: Bank of America Corp., Citigroup Inc. and Wells Fargo & Co.All month, the nation’s banking giants have been raking in deposits from nervous customers at smaller firms — and now those behemoths would be taking some of their own money and handing it to a San Francisco bank in distress, trying to stanch a widening crisis.Over two days of frantic phone calls, meetings and some arm-twisting, the CEOs of 11 banks agreed to chip in a total of $30 billion for First Republic, promising to park the money there at least 120 days.The hope is that’s enough to save First Republic, known for its outsize business catering to wealthy tech executives. Or perhaps at the least, the cash will give the firm enough time to find another solution, such as a sale.Such is the new-new-new line in the sand as the authorities in the US and Europe try to quell the Panic of 2023.Already the rescue spearheaded by Dimon is sparking comparisons to the Panic of 1907, when J. Pierpont Morgan — who built up the company Dimon now leads — corralled Wall Street financiers into his private library and browbeat them into propping up the Trust Company of America, seeking to stop a string of bank runs that threatened to upend the industry.One reason strong banks stepped forward then was that US authorities had little ability to do so, which led to the creation of the Federal Reserve. This time regulators were already scrutinizing First Republic, raising the prospect of emergency government intervention — and political blowback for years to come.“If this works, it is a brilliant two-fer,’” said Todd Baker, a senior fellow at Columbia University’s Richard Paul Richman Center for Business, Law, and Public Policy. Big banks already were coming under fire for soaking up deposits from smaller lenders. Now they can show they’re part of the solution, while the Biden administration worries about one less bank, he said.Regulators took their own shot at assuaging US banking customers last weekend, promising to fully pay out uninsured deposits after the failure of two US lenders — SVB Financial Group and Signature Bank. The Fed also made a pair of facilities available to help other banks keep up with any demands for withdrawals.But that’s not guaranteed to work. And there already are signs that the strains in the financial system have yet to abate.Early Thursday in Zurich, the Swiss National Bank offered Credit Suisse Group AG a $54 billion liquidity lifeline to keep the firm in business as it tries to overhaul operations.Then later on Thursday, the Fed published data showing how heavily banks are drawing on its assistance.They borrowed a combined $164.8 billion from two backstop facilities in the most recent week ended March 15. That includes a record $152.85 billion from the discount window, the traditional liquidity backstop for banks. The prior all-time high was $111 billion reached during the 2008 financial crisis.With that backdrop, most big US banks were eager to show their interest in pitching in, according to people who described the behind-the-scenes talks, who asked not to be named because the deliberations were confidential.Treasury Secretary Yellen discussed the idea early on with senior officials including Fed Chair Jerome Powell and FDIC Chairman Martin Gruenberg.The flurry of phone calls among bankers kept widening on Wednesday as more firms agreed to join the group. Still, some CEOs required cajoling, questioning the necessity of the rescue or whether it’s enough to work. Yellen spoke to some directly, also keeping White House Chief of Staff Jeff Zients and National Economic Council Director Lael Brainard in the loop.By Thursday, much of the group was taking shape. It’s possible that at least some laggards were invited late, or just needed more time to get internal approvals. Goldman Sachs Group Inc. was among the last few.Another call Thursday morning between regulators and CEOs helped finalize the plan.“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” Yellen, Powell, Gruenberg and acting Comptroller of the Currency Michael Hsu said in a joint statement.","news_type":1},"isVote":1,"tweetType":1,"viewCount":333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943976075,"gmtCreate":1679073751497,"gmtModify":1679074264812,"author":{"id":"4140694114232522","authorId":"4140694114232522","name":"Jarotp","avatar":"https://community-static.tradeup.com/news/fb7068eb35c76fe2868777e9bcb3a151","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4140694114232522","authorIdStr":"4140694114232522"},"themes":[],"htmlText":"Alibaba bear but we see tomorrow","listText":"Alibaba bear but we see tomorrow","text":"Alibaba bear but we see tomorrow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943976075","isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}