Free Republic

New York Community Bancorp sent its shares plummeting 26% on Friday after the regional lender said has discovered “material weaknesses” in the ways it tracks loan risks and that its CEO is leaving. The New York-based firm announced late Thursday that CEO Thomas Cangemi would be leaving NYCB — capping off a 27-year tenure at NYCB — and that Alessandro DiNello would take his place, effective immediately. DiNello, NYCB’s executive chairman, had been acting as the bank’s true boss since earlier this month ... One NYCB director, Hanif “Wally” Dahya, said in a Feb. 25 letter that he “did not...

In March of 2019 following the second deadly crash involving a Boeing 737 MAX aircraft some engineers at the Seattle FAA office wanted to ground the planes. But they were overruled... Kim Yo Jong, the sister of North Korean ruler Kim Jong Un, saying Joe Biden is senile in making his threat this week... Tonight a source saying that the US government's Federal Deposit Insurance Corporation is getting ready to put the troubled First Republic Bank... An Israeli air strike in Syria tonight... The US Army grounding its helicopter fleet with a mandatory safety training program... A Dutch police officer...

Investors appear unconvinced that plans to shore-up First Republic and Credit Suisse will stave-off contagion in the banking sector.First Republic (FRC) shares were halted from trading again Friday, after resuming their recent slump, following a coordinated rescue of the San Francisco-based lender late Thursday was marred by concerns over the strength of its balance sheet. Credit Suisse shares were also firmly lower in Zurich, following data showing a surge in outflows from its managed funds earlier this week and a downgrade of its credit rating to the edge of 'junk' status by DBRS Morningstar. First Republic said in a Securities...

Shares in First Republic Bank plummeted some 26% on Friday morning even after a rescue deal backed by a number of large financial institutions. Wells Fargo, JPMorgan Chase, Bank of America, and Citigroup each offered to contribute $5 billion of liquidity to assist First Republic Bank, which is heavily involved in wealth management and has many customers with deposits exceeding the $250,000 threshold protected by the Federal Deposit Insurance Corporation. Banks such as Truist Financial and BNY Mellon also contributed to the overall $30 billion arrangement. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, FDIC Chairman Martin Gruenberg, and...

JUST IN: First Republic Bank, the San Francisco-based lender that was cut to junk by S&P and Fitch, is exploring strategic options including a sale https://t.co/fRG03oAtZG pic.twitter.com/p5vSNmnTnd— Bloomberg (@business) March 15, 2023