The regulator is looking into executives' share translations before the sale.
The US Securities and Exchange Commission (SEC) is investigating whether First Republic Bank executives were engaged in any insider trading activities before the government seizure and sale of assets to JPMorgan Chase, Bloomberg reported citing people familiar with the matter.
More Troubles for First Republic?
San Francisco-headquartered First Republic was seized by the California Department of Financial Protection and Innovation early last week, and the majority of its assets, including deposits, were brought by JPMorgan Chase in a rushed bidding process.
The collapse of the regional bank came with the continued outflow of deposits from the bank. Depositors took out over $100 million last March, following over $176 million outflow in 2022.
The troubles in the bank started when two other American banks, Signature Bank and Silicon Valley Bank, collapsed earlier this year. Then, First Republic received a lifeline deposit of $30 million from a consortium of 11 large banks, including JPMorgan Chase. However, that turned out to be ineffective as the bank's revenue in the first quarter went down 13.4 percent year-over-year to $1.2 billion. Also, its net interest income declined 19.4 percent to $923 million, and its net income went down 32.9 percent to $269 million.
Lawmakers Raising Questions
Though not officially confirmed, the report of the SEC's probe came a day after US Senator Elizabeth Warren accused First Republic executives of "mismanagement" in her letter to the bank's former CEO, Michael Roffler. In addition, she raised questions about the bank's risk management and executives' pay and bonuses.
JPMorgan took over the failed bank last week, purchasing about $173 billion of loans and nearly $30 billion of securities. Further, the Wall Street giant bought $92 billion of deposits from First Republic.
The acquisition came after investors lost faith in First Republic's recovery, and the bank's shares plummeted. Its market value tanked from $20 billion to $557 million on the last trading day before JPMorgan's takeover.
The US Securities and Exchange Commission (SEC) is investigating whether First Republic Bank executives were engaged in any insider trading activities before the government seizure and sale of assets to JPMorgan Chase, Bloomberg reported citing people familiar with the matter.
More Troubles for First Republic?
San Francisco-headquartered First Republic was seized by the California Department of Financial Protection and Innovation early last week, and the majority of its assets, including deposits, were brought by JPMorgan Chase in a rushed bidding process.
The collapse of the regional bank came with the continued outflow of deposits from the bank. Depositors took out over $100 million last March, following over $176 million outflow in 2022.
The troubles in the bank started when two other American banks, Signature Bank and Silicon Valley Bank, collapsed earlier this year. Then, First Republic received a lifeline deposit of $30 million from a consortium of 11 large banks, including JPMorgan Chase. However, that turned out to be ineffective as the bank's revenue in the first quarter went down 13.4 percent year-over-year to $1.2 billion. Also, its net interest income declined 19.4 percent to $923 million, and its net income went down 32.9 percent to $269 million.
Lawmakers Raising Questions
Though not officially confirmed, the report of the SEC's probe came a day after US Senator Elizabeth Warren accused First Republic executives of "mismanagement" in her letter to the bank's former CEO, Michael Roffler. In addition, she raised questions about the bank's risk management and executives' pay and bonuses.
JPMorgan took over the failed bank last week, purchasing about $173 billion of loans and nearly $30 billion of securities. Further, the Wall Street giant bought $92 billion of deposits from First Republic.
The acquisition came after investors lost faith in First Republic's recovery, and the bank's shares plummeted. Its market value tanked from $20 billion to $557 million on the last trading day before JPMorgan's takeover.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
Webull Spent Big to Hit Record Revenue, and the Bill Is in the Fine Print
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Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
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Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
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In this video, we review @HolaPrimeMarketsOfficial, a multi-asset forex and CFDs broker offering different account types, trading platforms, and flexible trading conditions.
We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
Watch the full video to see if Hola Prime Markets fits your trading needs.
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We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Recognition that matters.
Built on transparency.
Driven by the industry.
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Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
