Welcome back! Dan DeFrancesco in NYC.
Today, we've got stories on job cuts at Lazard, why the payment industry is broken, and how to get a jump start on Mother's Day.
But first, the banking crisis that just won't end.
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1. It's déjà vu all over again.
Stop me if you've heard this one before: A regional bank that caters to a specific set of clientele was saved at the 11th hour.
JPMorgan Chase is buying First Republic Bank after it was put into receivership from regulators earlier today. It's the third US bank to fail since March, following Silicon Valley Bank and Signature Bank.
Similar to SVB, First Republic had strong ties to a specific clientele: the rich. The California-based lender lured wealthy customers with ultra-low-rate mortgages that ended up backfiring as rates skyrocketed over the past year.
The deal represents another chance for JPMorgan Chase CEO Jamie Dimon to come to the rescue. As Dimon said in the press release announcing the deal: "Our government invited us and others to step up, and we did."
For more details on JPMorgan's acquisition of First Republic, click here.
Plus:
- Here's what JPMorgan's Jamie Dimon said about the bank buying First Republic.
- And read more here about what the latest banking crisis means for Jamie Dimon's legacy.
In other news:
Warner Bros.
2. Lazard is writing off 2023 for dealmaking. The investment bank, which reported a loss for its first quarter, is cutting its workforce by 10% this year. "Candidly, things have really deteriorated," Lazard CEO Ken Jacobs said. Why its Wall Street rivals could follow suit.
3. Payments are hard. Whether it's between businesses or consumers, moving money is tricky. Experts at a recent fintech conference discussed the issues that plague the industry, from fraud to political hurdles. Here's some of the biggest point points. And for more on the fraud issues fintechs seem to constantly grapple with, click here.
4. The Fed blew it! A new report by the Federal Reserve on the collapse of Silicon Valley Bank found that it didn't address issues at the bank soon enough. (No kidding!) Read more on the report in The Wall Street Journal. One issue regulators faced: The Fed and FDIC both feel they were too short-staffed, Reuters reports.
5. Credit Suisse is offering to pay extra for a select few to stay. Nothing like a little cash to make a bad situation seem tolerable. The bank has offered retention bonuses to some employees it views as vital to combining Credit Suisse with UBS, Bloomberg reports. More on what is being offered.
6. The wife of the top judge in the US reportedly made a boatload of money recruiting for law firms. Jane Roberts, Chief Justice John Roberts' spouse, made $10.3 million in commissions between 2007 and 2014 recruiting attorneys for elite law firms and corporations, according to internal documents from her employer. Here's why a whistleblower is questioning the ethics of it.
7. This former Citadel quant is now fighting for the little guy. Dave Lauer is the cofounder of the advocacy group We the Investors, which is in favor of making changes to US market structure, The Wall Street Journal reports. More on what he's pushing for.
8. Steve Cohen's next adventure: Casinos. The billionaire founder of Point72 and New York Mets owner has his eyes set on nabbing one of the three licenses to build a casino in New York City, Bloomberg reports. Here's why he's willing to spend big for it.
9. ChatGPT + Microsoft Excel: A match made in heaven. We break down how you can use the buzzy chatbot to improve your Excel skills. Learn more here.
10. Get a head start on Mother's Day. May 14 will be here before you know it. Here's a guide of some fool-proof gifts. Check them out.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York.
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