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Sheila Bair
It’s time to rethink the FDIC approach to bank rescues
...When I chaired the FDIC during the financial crisis, we sold the failed the mortgage lender Washington Mutual to JPMorgan. It was our only bidder and was prepared to take over WaMu immediately....
March 11, 2024
Brooke Masters
US bank regulation needs to enter the digital age
...In 2008, Washington Mutual went down after haemorrhaging $16.7bn over nine days. This time, SVB’s depositors pulled out $42bn in 10 hours....
January 24, 2024
FT Live
Bank of the Year Awards 2024
Recognising the best in banking globally
Wednesday, 4 DecemberLondon, UK
Nobel prizes
Nobel Prize winning economist Robert Solow dies
...He was also known for highlighting the role of technological innovation — and economies’ capacity to adapt to it — as the ultimate force behind sustained economic prosperity....
December 22, 2023
Transcript
Transcript: How JPMorgan thrived amid a banking crisis
...News clip Washington Mutual has gone under the FDIC, took over Washington Mutual yesterday, then sold its assets to JPMorgan Chase for nearly $2bn....
March 6, 2024
US & Canadian companies
SVB: RIP
...Insurance Corporation (FDIC) as receiver....
March 10, 2023
First Republic
US regulator asks banks including JPMorgan and PNC to bid for First Republic
...If San Francisco-based First Republic is taken over by the FDIC, it would rank among the biggest bank failures in US history, alongside Washington Mutual in 2008 and SVB....
April 30, 2023
FT Live
Innovation in Wealth Management Summit
Augmented intelligence for client-centric services
Thursday, 2 May9 Montague Close, London, UK
Banks in turmoil
JPMorgan to acquire First Republic’s deposits as US regulators step in
...“The whole world knew it was available, and no one bought it,” he said. The only bigger bank failure in US history was the collapse of Washington Mutual in 2008....
May 1, 2023
First Republic
Veteran of 1980s banks crisis hits out at sale of First Republic to JPMorgan
...The First Republic deal, and one in 2008 when JPMorgan purchased the assets of Washington Mutual, fall under an exception for deals involving failed banks....
May 4, 2023
The FT ViewThe editorial board
Protecting deposits in the era of digital bank runs
...This is not just a difference from 90 years ago when the FDIC was founded. In 2008, it took Washington Mutual nine days to lose about 9 per cent of deposits....
May 10, 2023
Unhedged
Bank runs are different now Premium content
...It took Washington Mutual nine days to lose $16.7bn, or about 9 per cent of deposits, back in 2008. Something has changed. So why not just insure all deposits?...
May 3, 2023
Capital markets
The dangerous role of America’s weird lenders-of-next-to-last resort
...In that period, FHLB advances rose by nearly two-thirds by lending to large, poorly capitalised banks — some of which, such as Washington Mutual, Countrywide and Wachovia — eventually failed....
August 17, 2023
The Big Read
JPMorgan: the bank that never lets a crisis go to waste
...During the 2008 financial crisis, America’s largest bank was the saviour of choice for failing investment bank Bear Stearns and bankrupt mortgage lender Washington Mutual, the biggest ever bank failure....
May 5, 2023
The FT ViewThe editorial board
The collapse of First Republic Bank
...Another acquisition by JPMorgan — which, after it acquired Washington Mutual in 2008, has now been the buyer in the two largest bank collapses in US history — raises awkward questions....
May 2, 2023
Inside BusinessPatrick Jenkins
The fast-growing kingdom of Jamie Dimon
...and Washington Mutual, a troubled commercial lender....
May 8, 2023
US banks
Handicapping the reported bidders for First Republic
...It has high customer satisfaction ratings in California, tied in part to its acquisition of Washington Mutual in 2008....
April 30, 2023
FT Live
Evolving retirement strategies in an ever-changing world
What new regulatory developments mean for IFAs
Tuesday, 30 April1 Friday Street, London
US banks
Unpicking the US deposit insurance debate
...Citibank, Bank of America, Wachovia and Washington Mutual all failed in 2008 (three were bailed out and one was seized and sold) because managers fatally misunderstood mortgage risk....
May 17, 2023
Silicon Valley Bank
Silicon Valley Bank shut down by US banking regulators
...Washington Mutual, for example, was sold to JPMorgan Chase. The FDIC said it would use the sale proceeds of SVB to fund payouts to larger depositors....
March 10, 2023
Markets InsightJohn Hussman
Too much Fed liquidity has led to a whack-a-mole world of problems
...The largest bank failure in US history — the 2008 failure of Washington Mutual — is unmemorable because it was also resolved in this manner. The FDIC took receivership....
April 24, 2023
Silicon Valley Bank
Top Republican accuses regulators of being ‘asleep at the wheel’ over SVB
...“As you do your look back into what transpired, it better be fixed.”...
March 28, 2023
Due Diligence
The $42bn bank run that sunk Silicon Valley Bank Premium content
...The collapse of the $209bn-in-assets lender marks the second-largest bank failure in US history after the 2008 shuttering of Washington Mutual....
March 11, 2023
The Big Read
Lex in depth: how safe are America’s regional banks?
...It had taken less than 40 hours for a top 20 bank with $209bn in total assets to become the second-largest bank failure in American history after Washington Mutual in 2008....
March 31, 2023
The Big Read
Narendra Modi: ‘Our nation is on the cusp of a take-off’
...It is also because tensions between Washington and Beijing have prompted a search by western democracies for alternative trading and diplomatic partners to China....
December 21, 2023
FT Swamp Notes
India will never be America’s ally Premium content
...Though most of us have long since dropped the snake charmers and timeless mysticism that bewitched our forebears, the west’s capacity to misread India — and assign it roles for which it has not auditioned...
May 5, 2023
Transcript
Martin Wolf on why banks fail and what to do about it
...And then you’re in terrible territory. And the suggestion is, well, it should go to 3 to 1. It’s much more capacity to lose money....
March 22, 2023
Financial job losses
Banks prepare for deepest job cuts since the financial crisis
...JPMorgan let 9,200 Washington Mutual staff go when it took on the US’s largest savings and loan association, in addition to cutting a 10th of its own workforce....
January 21, 2023

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