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US financial regulators have recommended partly revamping American deposit insurance to increase coverage for day-to-day business accounts as a way to reduce the risk of bank runs, such as the ones that brought down Silicon Valley Bank and First Republic. The Federal Deposit Insurance Corporation said such a targeted increase would be more cost effective

Labour leader Sir Keir Starmer will on Tuesday face renewed pressure over his decision to appoint civil servant Sue Gray as his chief of staff, when ministers update parliament on their investigation into the matter. Gray, who led the inquiry into coronavirus lockdown parties in Downing Street and Whitehall, resigned from the levelling up department with

Although the March 10 collapse of Silicon Valley Bank helped spark First Republic’s implosion on Sunday night, US regulators took a markedly different approach to cleaning up the mess this time around. When SVB failed in March, the Federal Deposit Insurance Corporation — the agency that manages US banking collapses — shut it down in

Jamie Dimon says the “mini-banking crisis is over.” JPMorgan Chase, the bank that he leads, prevailed in a weekend auction for the assets of First Republic Bank. FRB along with Silicon Valley Bank and Signature Bank had each built niche lending practices. These succumbed to the flight of uninsured deposits over the past two months,

Ron DeSantis and Arsenal Football Club have a shared affliction: they are almost certainly not going to win anything this season. The Florida governor’s nascent presidential bid has been hit by his own declining poll ratings against Donald Trump, and a flurry of endorsements for the former president from legislators from DeSantis’s own state. Arsenal’s

The writer is an FT contributing editor Sometimes we get what we need, not what we want. The US (and possibly the global) economy needed a solution to First Republic Bank’s impending failure, and it got one. Once again, JPMorgan Chase stepped up and bought another bank. The acquisition should stem major contagion to the

In the end, after weeks of uncertainty and a final round of talks that dragged through the night, the fate of First Republic came down to JPMorgan Chase. Jamie Dimon’s Wall Street institution had been central to discussions about the distressed California lender since First Republic emerged as a weak spot in the banking sector

Brooke Masters, Stephen Gandel, James Fontanella-Khan in New York and James Politi and Colby Smith in Washington JPMorgan Chase is to acquire most of First Republic after US regulators orchestrated an overnight deal to shut the embattled California lender, wiping out its shareholders in the second-biggest bank failure in the country’s history. The Federal Deposit

Vodafone risks looking tone-deaf. After a four-month selection process, the telecoms company has chosen an internal candidate as its new chief executive. The elevation of former finance director Margherita Della Valle will disappoint investors hoping for some outside fairy dust to transform the fortunes of the telecoms group. Della Valle will need to make some

Shares in US regional banks were under pressure on Monday after regulators mobilised a deal for JPMorgan Chase to buy struggling lender First Republic. Citizens and PNC both dropped more than 5 per cent shortly after the opening bell, while shares in PacWest traded choppily. The KBW regional bank index slid by 0.8 per cent.

JPMorgan Chase will acquire most of First Republic, the embattled California lender that US government officials had been racing to save for much of the past week. The Federal Deposit Insurance Corporation and California regulators, which announced the deal early on Monday morning, said they were simultaneously closing the bank and selling off all $93.5bn

The writer served in the US Treasury and SEC during the 2008 financial crisis, and as chief risk officer at big banks. He is author of The End of Theory In 2008, regulators did not see the potential for contagion from a subprime crisis. Nor did they see the possibility of a resulting nationwide residential real estate meltdown. Lesson

Will the deadlock in the Ukraine war be broken in Bakhmut or Beijing? At the moment, all eyes are focused on the much-trailed Ukrainian counter-offensive — which is likely to begin soon. But there are also significant developments on the diplomatic front. Last week, Xi Jinping called Volodymyr Zelenskyy. On a recent visit to Kyiv,

Alibaba’s founder Jack Ma is taking up a teaching position in Japan as the Chinese entrepreneur begins to reassume a public profile after largely disappearing from view during Beijing’s crackdown on tech. Tokyo College said on Monday that Ma had joined as a visiting professor from May 1 and would research projects in sustainable agriculture

Last week was the tenth anniversary of the Rana Plaza factory collapse in Bangladesh, in which 1,100 garment workers were killed because a shoddily constructed factory collapsed on top of them. It turned out that the factory was making goods for major global brands. The managers who took the decision to outsource to unknown individuals

The chief executive of TotalEnergies has complained to investors that the French oil group’s valuation gap with its US-listed rivals is down to its listing in Europe, not its profitability. Patrick Pouyanné argued in several investor meetings that while Total’s operations were as profitable as Chevron’s, the French company was trading at a discount only

A legal regulator is to examine the role of lawyers in the misuse of so-called gagging clauses in England and Wales as it considers whether stronger regulation is needed. The Legal Services Board, an independent body that oversees the legal services sector, will on Tuesday issue a call for evidence amid growing concerns that non-disclosure

Christine Lagarde’s partner has asked her to stop changing jobs, the European Central Bank president likes to joke, because each time she begins a new role a major crisis seems to follow. Soon after becoming French finance minister in 2007, she found herself handling the global financial crisis for which she eventually won plaudits. After

“Never have so many crustaceans died in vain,” mocked a top Tory on Labour’s wooing of business ahead of 1992 elections won by his party. Such pushes are nicknamed “Prawn Cocktail Offensives” after a cheap hors d’oeuvre. The latest may sacrifice fewer shrimps needlessly. Shadow chancellor Rachel Reeves is impressing business leaders and Labour is

UK ministers are poised to water down proposals to force tech companies to pay compensation to victims of online financial scams, after concerns at the Treasury and the Department for Science, Innovation and Technology about their impact on the sector. The government is set to announce a new national fraud strategy as early as Wednesday.

Deutsche Bank is planning a hiring spree and significant expansion of its investment bank advisory team, as the German lender positions itself for a dealmaking rebound and to take advantage of market dislocation after the collapse of rival Credit Suisse. Deutsche has already recruited 26 managing directors in the past two months — with several