Shares of banks and other financial institutions continued to rebound amid rescue plans for troubled banks.
The biggest banks in the U.S. are discussing a joint rescue of First Republic Bank totaling more than $25 billion to shore up the beleaguered lender, The Wall Street Journal reported, citing people familiar with the matter.
JPMorgan Chase, Citigroup, Bank of America and Wells Fargo are in talks to deposit $5 billion of their own money each into First Republic, the people said. Morgan Stanley and Goldman Sachs, as well as regional banks U.S. Bancorp, PNC Financial, and Truist Financial would all kick in smaller amounts, the people said.
Meanwhile, Credit Suisse shares jumped after the bank said it would tap a more than $50 billion lifeline from the Swiss National Bank, but analysts remained wary about the lender's prospects.
The European Central Bank raised interest rates by a half-percentage point while promising emergency support for eurozone banks if needed, showing the policy makers' balancing act as they seek to combat high inflation without aggravating strains in the financial system.
Ernst & Young's breakup plan is in jeopardy and the accounting firm's leaders are trying to salvage the deal by placating restive U.S. partners without pushing its overseas executives too far, The Wall Street Journal reported.
Tiger Global marked down the value of its investments in private companies by about 33% across its venture-capital funds in 2022, according to people familiar with the firm.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
03-16-23 1737ET
