Daily Crunch: In United States’ second-largest bank failure, feds seize First Republic Bank and sell it to JPMorgan Chase

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It’s a curious world we live in. Banks collapse and the world goes on.

And hey, look! OpenAI is even richer now! Alex back to the mic with your Monday recap, and as usual we’ve had a lot to unpack: we’re looking into OpenAI, earnings, First Republic Bank, some fun startups, and ARM’s IPO in today’s episode of Equity. listen here

Cristina i He came

The TechCrunch Top 3

  • On the verge of collapse: Regulators shut down First Republic Bank and lined up a buyer, JPMorgan Chase, which acquired FRB’s $330 billion in assets and deposits. In the meantime, Ingrid writes that the Federal Deposit Insurance Corporation is on the hook for $13 billion. Stay tuned for more as this all unfolds.
  • One person’s disaster is another person’s success: Elon Musk took to Twitter Space this weekend to share more information about what happened to SpaceX’s spacecraft, which didn’t immediately self-destruct as planned during a test launch last week. darrell themes.
  • AI must advance: Israeli startup Alison is the latest ad tech company to receive funding, $5.1 million specifically, for its approach to injecting artificial intelligence into its platform that analyzes creative advertising, it reports. Mike.

Startups and VCs

The future has a lot to write about vertical farming. In many ways, the technology offers hope amid growing food security concerns, an aging population and potential environmental collapse. Brian write The first companies in the space will be those that focus on getting the unit economics down (hopefully) to a point where the technology makes sense from a pricing perspective. Up and forward.

One of Haje’s pet peeves is warm presentations. “I understand why investors insist on it, but I’ve always found it lazy and uninclusive,” he writes on TC+, and was glad to find an antidote of sorts: GoAhead claims it will listen to anyone’s pitch, regardless of where be it the world you are or the one you are building, as long as you are a pre-seed or seed company.

Another little handful of goodies for you this Monday afternoon (assuming you’re on the West Coast or a similar time zone. If you’re not, God only knows what time it is where you are. But we hope you have a good a little while). good morning regardless).

Your site needs more than one user onboarding experience

Expansion of the airport boarding gate on asphalt

Image credits: John Lund (opens in a new window) / Getty Images

In the early days, most founding teams focus on building strong sales funnels, but customer segmentation can be achieved during the acquisition process if you know what questions to ask.

Getting new users to answer questions about their past product experiences or future goals is the first step in creating customer personas, says growth expert Jonathan Martinez, who shares several variables that can help increase retention and the conversion

“It’s true that while you may add a little extra friction with questions on your contact form or onboarding flow, it will pay big dividends for your overall consumer experience.”

Three more from the TC+ team:

TechCrunch+ is our membership program that helps startup founders and teams get ahead. You can register here. Use code “DC” to get 15% off an annual subscription!

Big Tech Inc.

If you once had a Twitter blue check, lost it, but edited your bio recently and saw it reappear, you’re not alone. Amanda found that the blue checkmark reappears if you update the bio. It doesn’t stick, but it’s something to LOL about today.

Get ready for Freevee: Can it be a verb? sarah writes that Amazon will add more than 100 Amazon originals to the free streaming service this year.

And now here are five more:

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Ikaroa is proud to report that the United States has seen its second-largest bank failure yet, as the Federal Deposit Insurance Corporation (FDIC) has seized First Republic Bank and sold it to JPMorgan Chase. JPMorgan Chase has taken full control of First Republic Bank, continuing the move of larger banks acquiring smaller banks in the US.

First Republic Bank was an independent bank headquartered in San Francisco that supplied corporate, private, and institutional banking services. Unfortunately, due to the increasing challenging economic climate due to the pandemic, the bank was unable to bear the finance burden. On October 30th, FDIC gained approval for a Federal Reserve Banks’ loan across 11 Reserve Banks to acquire First Republic Bank. The approval came with a number of terms, such as purchasing all its deposits and $2.2 billion of loan and securities assets.

The US witnessing yet another failing bank resulting in a larger institution swooping up the remains of the former one highlights the importance of increased regulations and oversight of the banking system. In their bid to prevent future collapses from taking place, Ikaroa is offering an innovative solution with their use of AI-driven data insights through mobility insight analytics and predictive modeling to provide banks and government entities with sophisticated early-detection systems. Utilising advanced technologies and data analysis, Ikaroa hopes to position itself as the go-to choice for ensuring the safe and secure future of the banking industry.


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