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...The costs stemming from old, non-modular technology are extremely high and need disrupting....
...But none of that saved SVB, Signature or later First Republic. They relied heavily on big depositors, those with accounts too large to be protected by the Federal Deposit Insurance Corporation....
...Kathleen Donnelly KC acted for 555 sub-postmasters in a 2019 High Court case, known as Bates v Post Office, that led to revelations the company had pursued thousands of people between 2000 and 2014 with...
...“If big insurance companies and friendly billionaires think he’s too big a credit risk, who might bail him out instead? What sort of collateral could Trump offer in return?”...
...But, on average, the ability to make good financial decisions declines with advancing old age. Third, everyone thinks they are smarter than average....
...First Republic....
...[MUSIC PLAYING] Marc Filippino Sources tell the FT that US insurance giants Cigna and Humana are considering a merger. That deal would create an American health insurance company worth about $140bn....
...The 92-year-old investor confirmed that Greg Abel, the company’s vice-chair charged with running all of its businesses outside of insurance, remained his anointed successor....
...Investec has hired First Republic Bank’s Olivia Deroy for an origination and relationship management role on its new US private equity team, based in New York....
...However, the Federal Deposit Insurance Corporation estimated that losses to its insurance fund would be about $13bn....
...Under a 1992 law, the FDIC must choose the solution that imposes the “least cost” on the deposit insurance fund....
...The Federal Deposit Insurance Corporation, which manages US bank failures and administered the First Republic transaction, made clear JPMorgan had won the deal ahead of other bidders, essentially thanks...
...The company is midway through a strategic U-turn: it has realised profits matter more than sales. That revelation should help if it eventually floats....
...Absolutely not, according to Jeremy Barnum, JPMorgan’s chief financial officer: “In reality there were people looking at the interests of the company and . . . a team of people engaged with First Republic...
...Carlo Clavarino – Genoese nobleman, international chairman of insurance behemoth Aon and ad hoc PR – is one of the most visible among them....
...But one part was often left out: a billion-dollar windfall from Russia that was siphoned through former Soviet republics, Bloomberg reports....
...An expert in health insurance markets, he began with life science and healthcare clients....
...We are therefore watching an old BBC TV drama on that subject. It is long, slow-paced and very calming....
...It is a tale as old as banking. SVB gathered billions of dollars in uninsured, short-term deposits from start-up companies. It invested them in highly rated, long-term securities....
...The minister for energy transition, Agnès Pannier-Runacher, cannot touch matters involving petrol company Perenco, which her dad used to run, nor deal with the energy company Engie, where her ex-husband...
...The 53-year-old this year busted through another barrier to become the first woman to head a Big Four firm....
...Trade Republic — founded in 2015 and now Europe’s largest neobroker — has gained more than 1mn customers across 17 European countries....
...Pension funds, hedge funds, insurance companies, all different bits of private markets, stuff where regulators don't have a huge amount of visibility on what is going on....
...Those bonds were top-quality government debt, but their market price had fallen because rising interest rates make old bonds paying lower rates less valuable....
...the company’s businesses outside of insurance....
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