美国国家公共电台 NPR--JPMorgan Chase to take over deposits and most of the assets of First Republic Bank

JPMorgan Chase to take over deposits and most of the assets of First Republic Bank

Transcript¹

JP Morgan Chase is buying the troubled lender First Republic, after its shares plummeted² on the New York Stock Exchange last week. The FDIC oversaw³ the sale.

LEILA FADEL, HOST:

Another U.S. bank has failed - the third one this year, after Silicon⁴ Valley Bank and Signature Bank.

A MART?NEZ, HOST:

Overnight, California regulators closed First Republic Bank and put it into receivership. Then federal regulators announced JPMorgan Chase, the biggest of the big banks, has bought the majority of First Republic's assets and deposits.

FADEL: NPR's David Gura joins us now with the latest.

Good morning, David.

DAVID GURA, BYLINE⁵: Hey, Leila.

FADEL: OK. So what is JPMorgan Chase buying, and how did this sale come to be?

GURA: Well, JPMorgan is buying all the deposits at First Republic Bank, about $100 billion of them in total, and most of First Republic Bank's assets as well. That's according to the Federal Deposit Insurance Corporation, the FDIC, which is First Republic Bank's primary regulator. You know, last week, as the trouble that the bank was in worsened, the FDIC approached several larger lenders and said, basically, take a look at First Republic. If it's something you'd want, submit a bid by Sunday. And we know several banks did that. The FDIC evaluated those bids. We learned about First Republic's failure and the outcome of that process shortly after midnight California time, just after 3 o'clock in New York. And I'll note, unlike what happened with Silicon Valley Bank and Signature Bank, this time around, the FDIC did not use its emergency powers to do this. And JPMorgan's CEO, Jamie Dimon, said in a statement, the bank made its bid in a way that will minimize costs to the FDIC's deposit insurance fund. And, Leila, it says the cost will be about $13 billion.

FADEL: Now, this is the third bank in the U.S. to fail. What happened this time at First Republic Bank that led to this failure?

GURA: Well, in the immediate⁶ aftermath of the collapse⁷ of those two banks in March, there was this fear we would see more bank runs. First Republic was swept up in that, and it immediately sought to reassure⁸ its customers and investors⁹. It lined up additional financing. And when that didn't calm nerves, 11 of the biggest banks in the U.S. stepped in to offer First Republic a lifeline. They deposited $30 billion at First Republic Bank. That still didn't make much of a difference. First Republic's share price just kept falling. And last week, when First Republic reported its earnings¹⁰, we learned its customers had withdrawn¹¹ way more money than Wall Street expected - more than $100 billion in deposits in March. So this was a bank that was really suffering. And we were at this cliffhanger moment, as one Wall Street analyst¹² put it to me, everyone wondering what would happen next, Leila, recognizing the situation was bad enough that something had to happen.

FADEL: So, David, what does this announcement mean for customers of First Republic Bank?

GURA: For them, regulators and JPMorgan stress it should be business as usual. There are more than 80 First Republic Bank branches in eight states in the U.S., including in California and New York. And those customers will be able to access their money at those branches today. They're now automatically customers of JPMorgan Chase. I'll stress, taxpayers¹³ are not on the hook here. JPMorgan and the FDIC are going to share in any losses on First Republic's loans. And that $13 billion cost I mentioned just a minute ago, that'll come out of a fund that banks pay into.

FADEL: Now, David, there are probably people listening right now thinking, is my money safe in whatever bank I'm banking¹⁴ at? What does this move mean for the health of the banking sector¹⁵, the markets? Is there more turmoil¹⁶ ahead?

GURA: Analysts¹⁷ I spoke¹⁸ with emphasize the circumstances around the failure of First Republic are unique, and this is unlikely to lead to the kind of volatility¹⁹ we saw after Silicon Valley Bank and Signature Bank collapsed²⁰. And many other lenders said in their earnings recently that deposits at those banks have stabilized²¹. Now, in terms of the market, there was hope and an expectation, really, among investors a deal like this would get hammered out before markets opened in Asia. Of course, that didn't happen, but this was squared away pretty tidily before the opening bell in New York.

FADEL: NPR's David Gura.

Thanks, David.

GURA: Thank you.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 plummeted   

v.垂直落下，骤然跌落( plummet的过去式和过去分词 )

参考例句：

• Share prices plummeted to an all-time low. 股票价格暴跌到历史最低点。
• A plane plummeted to earth. 一架飞机一头栽向地面。 来自《简明英汉词典》

3 oversaw   

v.监督，监视( oversee的过去式 )

参考例句：

• He will go down as the president who oversaw two historic transitions. 他将作为见证了巴西两次历史性转变的总统，安然引退。 来自互联网
• Dixon oversaw the project as creative director of Design Research Studio. 狄克逊监督项目的创意总监设计研究工作室。 来自互联网

4 silicon   

n.硅(旧名矽)

参考例句：

• This company pioneered the use of silicon chip.这家公司开创了使用硅片的方法。
• A chip is a piece of silicon about the size of a postage stamp.芯片就是一枚邮票大小的硅片。

5 byline   

n.署名；v.署名

参考例句：

• His byline was absent as well.他的署名也不见了。
• We wish to thank the author of this article which carries no byline.我们要感谢这篇文章的那位没有署名的作者。

6 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

7 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

8 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

10 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

11 withdrawn   

vt.收回；使退出；vi.撤退，退出

参考例句：

• Our force has been withdrawn from the danger area.我们的军队已从危险地区撤出。
• All foreign troops should be withdrawn to their own countries.一切外国军队都应撤回本国去。

12 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

13 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

14 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

15 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

16 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

17 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

18 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

19 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

20 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。

21 stabilized   

v.（使）稳定， （使）稳固( stabilize的过去式和过去分词 )

参考例句：

• The patient's condition stabilized. 患者的病情稳定下来。
• His blood pressure has stabilized. 他的血压已经稳定下来了。 来自《现代英汉综合大词典》