Wall Street banks save the First Republic

America’s biggest banks have banded together to deposit $30 billion in First Republic Bank to bolster its finances, the European Central Bank has hiked interest rates by half a percentage point, Emmanuel Macron has failed a critical parliamentary test and chose to overrule lawmakers to pass its unpopular plan to raise the retirement age in France, and the FT’s Stephen Morris explains why HSBC took a chance on Silicon Valley Bank UK.

Mentioned in this podcast:

Wall Street banks to deposit $30 billion in First Republic

ECB hikes rates by 0.5 percentage point

Macron to adopt pension reform by decree as protests sweep France

Why HSBC jumped into SVB UK

Download the FT Edit app here: ft.com/ftedit

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help from Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the executive producer of the FT. The FT’s Global Head of Audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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