All articles tagged with #pnc financial services
Bank of America and PNC Financial Services stocks outperformed the market after an analyst upgraded them, along with three other banks, based on Federal Reserve Chairman Jerome Powell's comments indicating the end of inflation. The potential for lower interest rates, which can increase loan demand, was seen as a positive for these large lenders.
Bill Ackman has warned that the US regional banking system is at risk and the regulator's failure to update and expand its insurance regime has "hammered more nails in the coffin". JPMorgan Chase & Co. has acquired First Republic Bank, the second-biggest bank failure in US history, and the fourth regional lender to collapse since early March after Silvergate Capital Corp., SVB Financial Group's Silicon Valley Bank and Signature Bank.
The Federal Deposit Insurance Corp. has asked banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc. to submit final bids for First Republic Bank by Sunday after gauging initial interest earlier in the week. The bidding process kick-started by regulators could pave the way for a tidier sale of First Republic than the drawn-out auctions that followed the failures of Silicon Valley Bank and Signature Bank last month.
JPMorgan Chase & Co. and PNC Financial Services Group Inc. are among the big banks bidding to buy First Republic Bank after a government seizure of the troubled lender by the Federal Deposit Insurance Corp. The seizure and sale of First Republic could happen as soon as this weekend.