Australian shares to drop; UBS to buy Credit Suisse for 3 billion Swiss francs; gold nears $US2000; Fed decision in focus. Follow updates here.
Colony Capital founder Tom Barrack is taking a leading role in advising First Republic Bank on its options as the lender races to avoid a collapse after a $US30 billion rescue last week failed to assuage investors, according to people familiar with the matter.
The lender has sought to reassure customers and clients that it can avoid the fate of Silicon Valley Bank, which collapsed earlier this month after its depositors fled. On Thursday, First Republic announced that almost a dozen US banks, including JPMorgan, Citigroup, and Bank of America would make a combined $US30 billion of unsecured deposits in a show of confidence for the San Francisco-based firm.
With the fresh $US30 billion and cash on hand, First Republic “is well positioned to manage short-term deposit activity,” the company said in an emailed statement. “This support reflects confidence in First Republic and its ability to continue to provide unwavering exceptional service to its clients and communities.”
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