Bove Says ‘Crisis Is Over’ as Banks Eye First Republic Rescue

  • Fed doesn’t have money to stop a bank run, says Odeon analyst
  • KBW Bank Index erases earlier losses, jumps as much as 4.2%
WATCH: With major US banks set to report earnings starting Friday, Odeon Capital Group Financial Strategist Richard Bove says looking at the first quarter’s results is like assessing banks from a rear-view mirror.Source: Bloomberg
Lock
This article is for subscribers only.

The “banking crisis is over,” Odeon Capital analyst Dick Bove said after reports that the nation’s largest private banks will provide $30 billion in liquidity to stabilize First Republic Bank.

In an effort orchestrated by the US government to stabilize the battered California lender, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. would each contribute $5 billion in deposits, along with smaller deposits from smaller institutions, people said.