First Republic Bank FRC shares are trading lower in Thursday's after-hours session after the bank announced a deal for $30 billion in deposits from major banks and said it has decided to suspend its dividend.
What To Know: First Republic is set toreceive uninsured deposits totaling$30 billionfrom several banks including Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truistand U.S. Bank.
Related Link:First Republic Rallies As Major US Banks Pledge Assistance To Calm Markets
"Their collective support strengthens our liquidity position, reflects the ongoing quality of our business, and is a vote of confidence for First Republic and the entire U.S. banking system," said Jim Herbert, founder and executive chairman, and president and CEO Mike Roffler in a joint statement.
First Republic noted that it previously obtained additional liquidity and has since drawn on its borrowing capacity due to recent developments in the banking industry.
As of March 15, First Republic had a cash position of approximately $34 billion, which doesn't include the aforementioned $30 billion in uninsured deposits from various banks.
Daily deposit outflows have slowed considerably in recent days and the bank is now focused on reducing its borrowings and evaluating its balance sheet. As a result, First Republic said it will suspend its dividend.
Check This Out:Why Silicon Valley Bank Collapsed: A Simple Explainer
FRC Price Action: First Republic shares were down 23.5% after hours at $26.30 at time of publication, according toBenzinga Pro.
He was expected to be deported, but instead of being handed over to immigration officials he was released from HMP Chelmsford on Friday.
He spent just under 48 hours at large before he was apprehended.
The accidental release sparked widespread alarm and questions over how a man whose crimes sparked protests in Epping over the use of asylum hotels was able to be freed.
Ms Mahmood said: “Last week’s blunder should never have happened – and I share the public’s anger that it did.”
Image: Anti-asylum demonstrators in Epping, Essex. Pic: PA
On Sunday, Justice Secretary David Lammy said an exclusive Sky News interview will be used as part of an independent inquiry into the mistaken release.
Speaking to Sky’s national correspondent Tom Parmenter, a delivery driver who spoke to Kebatu at HMP Chelmsford described him as being “confused” as he was being guided to the railway station by prison staff.
The migrant is said to have returned to the prison reception four or five times before leaving the area on a train heading to London.
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5:44
‘My family feels massively let down’
Mr Lammy, who put Kebatu’s release down to human error, said he ordered an “urgent review” into the checks that take place when an offender is released from prison, and new safeguards have been added that amount to the “strongest release checks that have ever been in place”.
He was expected to be deported, but instead of being handed over to immigration officials he was released from HMP Chelmsford on Friday.
He spent just under 48 hours at large before he was apprehended.
The accidental release sparked widespread alarm and questions over how a man whose crimes sparked protests in Epping over the use of asylum hotels was able to be freed.
Ms Mahmood said: “Last week’s blunder should never have happened – and I share the public’s anger that it did.”
Image: Anti-asylum demonstrators in Epping, Essex. Pic: PA
On Sunday, Justice Secretary David Lammy said an exclusive Sky News interview will be used as part of an independent inquiry into the mistaken release.
Speaking to Sky’s national correspondent Tom Parmenter, a delivery driver who spoke to Kebatu at HMP Chelmsford described him as being “confused” as he was being guided to the railway station by prison staff.
The migrant is said to have returned to the prison reception four or five times before leaving the area on a train heading to London.
Please use Chrome browser for a more accessible video player
5:44
‘My family feels massively let down’
Mr Lammy, who put Kebatu’s release down to human error, said he ordered an “urgent review” into the checks that take place when an offender is released from prison, and new safeguards have been added that amount to the “strongest release checks that have ever been in place”.
U.S. President Donald Trump speaks to journalists in Japan aboard Air Force One en route to South Korea on October 29, 2025.
Andrew Harnik | Getty Images News | Getty Images
U.S. President Donald Trump plans to discuss Nvidia’s advanced AI chips with Chinese President Xi Jinping during their widely expected meeting on Thursday, he told a media scrum Wednesday.
While taking questions regarding his high-stakes meeting with Xi, Trump signaled that Nvidia’s Blackwell AI processors could be discussed.
“We’ll be speaking about Blackwell, it’s the super duper chip,” he said. Nvidia’s “super duper chip” appeared to refer to the GB200 Grace Blackwell Superchip — its most advanced AI chip.
More broadly, Nvidia’s Blackwell architecture represents its latest generation of AI chips, or ‘graphics processing units,’ used to train and run large language models.
Trump went on to laud Nvidia’s Blackwell chips, claiming that they are about a decade ahead of any other chip.
“That’s our country. We’re about 10 years ahead of anybody else in chips — in the highly sophisticated chips. I think we may be talking about that with President Xi.”
The comments come as Nvidia faces an uncertain future in China, once a lucrative market for the AI darling.
While export controls have long prevented Nvidia from selling its most advanced AI products to China, Washington had rolled back restrictions on the chipmaker’s less advanced, made-for-China H20 chips in July.
Trump later indicated that he might also allow a downgraded version of Nvidia’s Blackwell chips into China.
But in a surprise move, Beijing recently stepped in to prevent its companies from importing Nvidia’s chips amid national security concerns regarding the company’s technology. As a result, Nvidia CEO Jensen Huang said earlier this month that the company is currently “100% out of China” and has no market share there.
However, many analysts view the Chinese ban as likely temporary, saying Beijing could be using Nvidia’s access to its market as leverage in its trade negotiations with the Trump administration.
Despite Trump’s remarks about Nvidia’s “super duper chip,” it seems more likely that a less advanced version would be on the table.
In August, Reuters reported Nvidia was developing a new chip for China — dubbed the B30A — that would be more powerful than the H20 and built on the Blackwell architecture.
Such a chip would hypothetically help Nvidia fend off growing competition from domestic players like Huawei, as Beijing accelerates its efforts to develop a self-sufficient AI environment.
However, semiconductor experts said a resumption of H20 exports, or an additional pathway for the B30A, would also help China’s AI ecosystem more broadly and undermine Washington’s strategy to curb Chinese access to cutting-edge computing, which began ramping up in 2022.
A report released earlier this week from the Institute for Progress, a U.S. think tank, argued that allowing B30A exports to China would dramatically shrink America’s current AI compute advantage over China.
Huang, who has long lobbied against U.S. chip restrictions, will reportedly be in South Korea at the same time as Trump this week. The Nvidia CEO is expected to make announcements with local partners, which Huang said would hopefully be “delightful to the people of Korea and really delightful to President Trump.”