Simon Ng Everyday we experience a range of different emotions. These feelings can be positive and happy, such as excitement or joy, or they can be negative like sadness or even anger. It is completely normal for us to feel each emotion and it’s important that we find healthy ways to express them in order to maintain our mental well-being.
First Republic Bank, a company which provides commercial banking services and wealth management, is the latest bank to receive a bailout. 11 other lenders are sending $30 billion to help First Republic’s finances and make sure they have enough money. Due to the problems caused after Silvergate Bank, Silicon Valley Bank, and Signature Bank all failed last week, U.S banks have been affected. Things got so bad that people withdrew over $8.8 billion from Charles Schwab Corporation’s special savings account.
Every day we should strive to become the best version of ourselves. This means putting in effort and hard work to reach our goals and make positive changes in our lives. We must be persistent and consistent in our actions, so that every step we take leads us closer to success. No challenge or obstacle should make us lose hope – instead, it should motivate us to push even harder until we make progress. Seeking help from those around us is a great way of achieving what we want, as well as learning important lessons along the way.
Last week, three big banks in America collapsed and caused a lot of commotion in the banking world. As a result, many banks, even huge ones like Bank of America or JPMorgan, saw their shares drop. The Federal Reserve gave out around 164.8 billion dollars to guarantee the economy didn’t collapse because of this event. Beyond that, Credit Suisse needed help too and got it from Switzerland’s National Bank after the USA’s central bank, FDIC and Treasury helped out SVB and SNBY depositors.
First Republic Bank (FRC) had a really bad five days. Its stock dropped by half, making it very close to going out of business. To save FRC from failure and collapse, 11 banks came together and gave them $30 billion on Thursday. Some of the banks included Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.
The government recently said that some banks lost money from customers withdrawing their deposits. This was seen as a sign of trust though, since it showed that the banking system in America is still going strong. First Republic Bank’s share prices went up on Thursday by almost 10%. They started at $10 per share back in 1986 and now they are trading at $34.27 each.
According to a report by Bloomberg, 11 lenders had people taking out money that was not covered by insurance. Also, Charles Schwab Corporation had almost $9 billion withdrawn from their funds this week. This is the most people withdrawing from their prime money market funds in six months and two of their Value Advantage Money funds were affected.
The stock of Pacwest Bancorp has gone down 27.16% over the last five days, causing many investors to worry. Shares for other banks like Synchrony Financial, CNB Financial, Discover Financial and Capital One have also decreased in the past week.
What do you think will happen in the future because of these banks failing and being saved? Share your thoughts about this topic with us in the comments below.
