welcome to our viewers on pbs in america and around the globe. a group of big american banks has injected $30 billion into a smaller regional bank, first republic, which had been seen as at risk of failure. it comes as fears grow of a crisis in the global financial sector. shares in european banks hit a two month low after the eurozone s central bank hiked interest rates by 0.5%. our north america correspondent peter bowes has more. this clearly is a big boost. there were fears he could go underjust like silicon valley bank did last week, and this $30 billion from 11 major banks that includejp morgan chase, citigroup as well, crucially important to keep first republic alive because first republic alive because first republic is a very prominent bank here in california in los angeles, over the last few days we have seen people queueing outside to take their money, their investments out of that bank and placed them with other larger banks, such as been their concern that it cou
welcome to our viewers on pbs in america and around the globe. a group of big american banks has injected $30 billion into a smaller regional bank, first republic, which had been seen as at risk of failure. it comes as fears grow of a crisis in the global financial sector. shares in european banks hit a two month low after the eurozone s central bank hiked interest rates by 0.5%. our north america correspondent peter bowes has more. this clearly is a big boost. there were fears he could go underjust like silicon valley bank did last week, and this $30 billion from 11 major banks that includejp morgan chase, citigroup as well, crucially important to keep first republic alive because first
the public know that the biggest banks and us regulators are there to stop the bleed of deposits, stop these great depression era type of bank runs. depression-era type of bank runs. ,, ., , , depression-era type of bank runs. ,, , runs. the us treasury secretary has said depositors runs. the us treasury secretary has said depositors could - runs. the us treasury secretary has said depositors could have i has said depositors could have confidence in the system. do you think people should be worried? i you think people should be worried? ~ . worried? i think that the next ste - , worried? i think that the next ste, if worried? i think that the next step. if you worried? i think that the next step, if you will, worried? i think that the next step, if you will, and - worried? i think that the next step, if you will, and we - worried? i think that the next step, if you will, and we are i step, if you will, and we are seeing this with bigger banks like credit suisse, and the reason th
that large institutional investors have made targets out of several other banks after first republic, and that is the very nature of speculators. and that will be the next challenge as we are seeing in the aftermarket hours for first republic trading down 17% after having closed up 3% in regular trading today, so i dare say that the nervousness has not been expunged and that there are investors who have their eye on other banks that have similar vulnerabilities to first republic. similar vulnerabilities to first re - ublic. . first republic. danielle, chief executive first republic. danielle, chief executive and first republic. danielle, chief executive and chief first republic. danielle, chief| executive and chief strategist, thank you very much for your time. ., ~ ,, thank you very much for your time. . ,, i. ., ., french riot police have used tear gas and water cannon to clear thousands of protesters from the streets of paris. the protests started after president macron forc
who s ceo and chief strategist at quill intelligence and former advisor to the dallas federal reserve. danielle, thank you for taking the time to come in the programme. now, we have seen big us banks step into first helps at first reserve, but we didn t see the same support last week when silicon valley bank collapsed and signature bank collapsed and signature bank collapsed. what you think is different time around? i think right now it is paramount for us regulators and wired the treasury secretary janet yellen has prompted these banks to infuse first republic with $30 billion is that right now we are in a crisis of confidence. so we have to stop the runs, we have to stop the banks from lining up like dominoes. what happens with silicon valley was extraordinarily abrupt in nature, that was followed with another bank falling on sunday, and i think right now the most critical thing is to try and quash the uncertainty and let