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11 of the biggest US banks yesterday said they would support a smaller lender with a $30 billion cash deposit. First Republic is based in San Francisco and was hit by depositor withdrawals after Silicon Valley Bank collapsed. French President Emmanuel Macron made a high-stakes gamble to push forward his unpopular retirement reform.

The largest US banks have banded together to deposit $30bn into First Republic Bank in an attempt to bolster its finances, the European Central Bank has raised interest rates by half a percentage point, Emmanuel Macron failed a critical parliamentary test and chose to override lawmakers to pass his unpopular plan to raise France’s retirement age, 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 $30bn into First Republic

ECB increases rates by 0.5 percentage points

Macron to pass pension reform by decree as protests sweep France

Why HSBC swooped on SVB UK

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. 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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