Name: AI to takeover two-thirds of the world's jobs; these industries to be impacted the most
Uploaded: 2023-03-28T17:02:04.000+05:30
Duration: T00M40S
Channel: Editorji News Desk
Description: A quarter of jobs could soon be automated as a result of breakthroughs in artificial intelligence, says investment bank Goldman Sachs

Today Gold Silver Rate 23 May 2023: Gold rate is trading lower. The silver rate is also down 0.53%. Check today gold and silver prices in Delhi, Mumbai, Chennai and Kolkata at Editorji.

Gold, Silver Rates Today 23 May 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

Gold, silver rates today - May 23: Check prices in Mumbai, Delhi, Chennai, Kolkata

<h2>Tuesday's gold rate is declining, while silver's rate is down 0.53%. In India, the average price for 8 grammes of 22k gold was 45,032, while the price for 10 grammes of silver was 750.</h2>

Prices for both gold and silver are retailing on the lower side on Tuesday, May 23, 2023, of the Multi Commodity Exchange (MCX) for the second straight day.
The average price of 1 gram of 22K Gold stood at ₹5,629 while the for 24K gold prices stood at ₹6,141.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹61,950, which was followed by Delhi and Lucknow where the gold costs ₹61,560. This was followed by Bengaluru, Patna, Mumbai, Hyderabad and Kolkata.
The average price of 10gm of Silver was at ₹745 and 1 kg silver stood at ₹74,500.
However, in cities like Chennai, Bengaluru, Hyderabad and Coimbatore the metal's price stood at ₹780, according to the GoodReturns.
<h3>Indian Major Cities 24 Carat Gold Rate Today May 23</h3>
<ul>
<li>Delhi - 61,560</li>
<li>Chennai - 61,950</li>
<li>Mumbai - 61,950</li>
<li>Kolkata - 61,950</li>
<li>Bengaluru - 61,950</li>
</ul>
<h3>Indian Major Cities 1 KG Silver Rate Today May 23</h3>
<ul>
<li>Delhi - 74,500</li>
<li>Chennai - 78,000</li>
<li>Mumbai - 74,500</li>
<li>Kolkata - 74,500</li>
<li>Bengaluru - 78,000</li>
</ul>

Reiterating his bullish view on the Indian equity markets, Christopher Wood of Jefferies also highlights two risk factors including the general elections and whether the Modi govt will be re-elected. The other is the reduction in retail investor acti

Indian Sensex will hit 1 lakh mark soon: Jefferies' Chris Wood 

Sensex hitting one lakh is achievable, assuming 15% growth in earnings per share and maintaining the PE ratio for five year average projection at multiple of 19.8 times

Reiterating his bullish view on the Indian equity markets, Christopher Wood of Jefferies also highlights two risk factors including the general elections and whether the Modi govt will be re-elected. The other is the reduction in retail investor activity.&nbsp;

Jefferies' global head of equities Christopher Wood has said that it is only a matter of time before the Sensex hits the 1 lakh mark.&nbsp;
In his note - Greed and Fear, Wood wrote, "This target, on a five-year view, now assumes trend of 15 percent EPS growth and that a five-year average one-year forward PE multiple of 19.8 times is maintained". This means, the target is achievable, assuming 15% growth in earnings per share and maintaining the Price to Earnings ratio for five year average projection at multiple of 19.8 times.&nbsp;
He also mentioned that the Indian stock markets will continue to climb the proverbial wall of worry.&nbsp;
However, the note also described two major risk factors that the market could face over the next few months. The first is the upcoming general election in India. The note says, "One obvious worry will be the inevitable questioning of the current consensus, namely that Prime Minister Narendra Modi will be re-elected".&nbsp;
Another risk is the reduction in retail investor activity following a period when the stock market has traded in a tight range. Data shows that active demat accounts have declined from 38 million in June 2022 to 31 million in April 2023.
However, the note also points out that the domestic asset management story of India continues to be attractive. Equities accounted for around 4.7% of household assets of Rs 11.1 lakh crore at the end of March. The inflows into domestic equity mutual funds continue to pour in, dominated by systematic investment plans, he added.&nbsp;
&nbsp;

From the Sensex pack, Reliance Industries jumped 2.79 per cent. Sun Pharma, Hindustan Unilever, HCL Technologies, Wipro, Tech Mahindra, UltraTech Cement, Tata Steel and Titan were among the other major gainers

Sensex, Nifty rally for 2nd day, RIL, Sun Pharma, Hindalco among major gainers

From the Sensex pack, Reliance Industries jumped 2.79 per cent. Sun Pharma, Hindustan Unilever, HCL Technologies, Wipro, Tech Mahindra, UltraTech Cement, Tata Steel and Titan were among the other major gainers

Equity benchmark indices extended their previous day's rally on Friday, with the Sensex climbing 1 per cent, amid buying in index major Reliance Industries, fresh foreign fund inflows and a largely positive trend in global markets.
The 30-share BSE Sensex jumped 629.07 points or 1.02 per cent to settle at 62,501.69. During the day, it rallied 657.21 points or 1.06 per cent to 62,529.83.
The NSE Nifty climbed 178.20 points or 0.97 per cent to end at 18,499.35.
From the Sensex pack, Reliance Industries jumped 2.79 per cent. Sun Pharma, Hindustan Unilever, HCL Technologies, Wipro, Tech Mahindra, UltraTech Cement, Tata Steel and Titan were among the other major gainers.
Bharti Airtel, Power Grid and NTPC were the laggards.
In Asian markets, Seoul, Tokyo and Shanghai ended in the green.
Equity markets in Europe were trading lower. The US market ended mostly with gains on Thursday.
The Sensex climbed 98.84 points or 0.16 per cent to settle at 61,872.62 on Thursday. The Nifty gained 35.75 points or 0.20 per cent to end at 18,321.15.
Foreign Institutional Investors (FIIs) were net buyers on Thursday as they bought equities worth Rs 589.10 crore, according to exchange data.
Meanwhile, global oil benchmark Brent crude climbed 0.24 per cent to USD 76.44 a barrel.&nbsp;

The company that manufactures and markets products under brands, Jockey and Speedo reported a 58.87 per cent decline in net profit at Rs 78.35 crore for the fourth quarter ended March 31

Page industries share price down by 9% as Q4 net profit dips 59%

The company that manufactures and markets products under brands, Jockey and Speedo reported a 58.87 per cent decline in net profit at Rs 78.35 crore for the fourth quarter ended March 31

Shares of Page Industries, crashed 15% on Friday, a day after the company posted its Q4 earnings. However, the stock saw some recovery and closed the day 9% lower.&nbsp;
The company that manufactures and markets products under brands, Jockey and Speedo posted a disappointing set of numbers which led to the stock hitting a 52-week low on Friday.&nbsp; Page Industries Q4 result&nbsp;
The company reported a 58.87 per cent decline in net profit at Rs 78.35 crore for the fourth quarter ended March 31, on account of higher cost of inventory and lower capacity utilisation.
The company had posted a net profit of Rs 190.52 crore during the January-March period a year ago, Page Industries Ltd (PIL) said in a regulatory filing on Thursday.
Its revenue from operations was down 12.78 per cent to Rs 969.09 crore during the quarter under review, as against Rs 1,111.11 crore in the corresponding period of the previous fiscal.
The total expenses of the company were at Rs 869.68 crore in Q4/FY23, as against Rs 870.04 crore in the corresponding period a year ago. 
&nbsp;

A minimum purchase of ₹ 1,000 should be made to exchange ₹ 2000 note in Bengaluru. Touts are charging ₹ 100 to exchange the notes

Rs 2,000 Note Exchange: Bengaluru traders, fuel outlets enforce minimum purchase rule 

A minimum purchase of ₹ 1,000 should be made to exchange ₹ 2,000 note in Bengaluru. Touts are charging ₹ 100 to exchange the notes

Some traders in Bengaluru are demanding a minimum purchase of ₹1,000 to make payments in ₹2000 notes. Meanwhile, touts are charging ₹100 to exchange the ₹2000 notes

Traders and fuel outlets in Bengaluru have enforced a minimum purchase rule to exchange ₹2000 note. They have put up posters that ask customers to make a minimum purchase of ₹1000 to exchange their ₹2000 note.&nbsp;
Komala Lakshminarasaiah, the owner of an IndianOil fuel outlet at Yeshwantpur on Tumakuru Road in Bengaluru told Moneycontrol that before the RBI's announcement, they would receive 20 to 30 pieces of ₹2000 note a day. However, now it has jumped to 150 to 180 notes.
Cashless transactions in the city has also increased now. Meanwhile, some traders have banned &nbsp;₹2000 note for transactions. It is also to be noted that Traders in Bengaluru do not accept ₹10 coins either.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/2000-note-exchange-banks-to-notify-big-deposits-to-it-department-1685083242625">₹2000 note exchange: Banks to notify big deposits to IT department</a>
Many shopkeepers refuse to take ₹2000 note in fear of the exchange burden. Most people prefer to exchange the notes in markets rather than waiting at bank queues.
Moneycontrol's investigation has also found out that Bengaluru is now swelling with touts to exchange the currency. &nbsp;₹100 is being charged for every ₹2000 note exchange. The commission is also reduced if large number of ₹2000 notes are being exchanged.
The RBI has given time till 30th September to deposit and exchange ₹2000 note in banks.

The Wadia Group owned airline has time until the 23rd of June to submit a revivial plan to the aviation regulator. Post this, DGCA will review the plan and take a call on whether the airline is in a position to restart operations. 

Go First extends flight suspension till 28 May

Go First extends flight suspension till 28 May
Go Air announces full refund to passengers
Go First had on 2 May filed for involuntary insolvency&nbsp;
&nbsp;

The Wadia Group owned airline has time until the 23rd of June to submit a revivial plan to the aviation regulator. Post this, DGCA will review the plan and take a call on whether the airline is in a position to restart operations.&nbsp;

Crisis hit airline Go First has once again extended the suspension of its flights. In a notification, the airline says that flights will remain suspended until the 28th of May and that passengers who had made bookings will be refunded.&nbsp; The Wadia group owned airline, on May 2nd, filed for voluntary insolvency proceedings.&nbsp; Meanwhile, the Directorate General of Civil Aviation (DGCA) on May 24 asked the airline to submit a comprehensive plan for the revival of its operations. Go First has 30 days till 23rd of June to submit its revivial plan.&nbsp;
&nbsp;

As Amazon India postponed freshers' joining dates, leading engineering colleges in India are concerned about the delays. The concern stems from the looming December placement session

Campus recruits' joining at Amazon India delayed for six months

As Amazon India postponed freshers' joining dates, leading engineering colleges in India are concerned about the delays. The concern stems from the looming December placement session

Amid mounting cost pressures and a recession in key Western markets, Amazon India has postponed college hires' joining dates by six months.
Leading engineering colleges in India are concerned about the delays by one of its key recruiters, despite the company's assurances that it will handle the "financial impact" on students.
&ldquo;In light of the challenging economic conditions, we&rsquo;re delaying the start dates for some of our college hires by up to six months. We&rsquo;re offering assistance to help address any financial impact. Amazon remains committed to university recruiting and developing the next generation of leaders and builders," Amazon said in response to an emailed query by Mint.
From numerous Indian Institutes of Technology (IITs) and National Institutes of Technology (NITs), Amazon is one of the top employers. IIT placement teams stated that they are examining how Amazon's decision will affect students. IIT placements normally begin in December.
Engineering universities will now contact Amazon for more clarification on their plans, according to those in the know. This year, campus recruitment could be more difficult. In light of their strong bench strength, decreased client orders, and lack of clarity over when the current recession will end, Indian IT businesses are likely to curtail campus employment by at least 40%. Approximately 155,000 engineering students from the class of 2024 are anticipated to be hired by IT companies, as opposed to 230,000 from the class of 2023, as reported by Mint.
&nbsp;

Nvidia shares surged as much as 27 percent, putting them on course for a record performance with a market cap above $900 billion

Nvidia: all you need to know about this trillion dollar AI chip giant

Nvidia shares surged as much as 27 percent, putting them on course for a record performance with a market cap above $900 billion

Driven by the massive artificial intelligence boom, the market valuation of U.S chipmaker Nvidia, neared one trillion dollars on Thursday after the company blew past quarterly earnings expectations.&nbsp; The company's sales forecast also added to the surge. Nvidia said its sales in the three months ending in July would be around $11 billion. This is far above the $7 billion that the street was expecting. The company also said it is boosting supply to meet surging demand for its artificial-intelligence chips, which are used to power ChatGPT and many similar services.
The world's most valuable chipmaker saw its shares surge as much as 27 percent, putting it on course for a record performance with a market cap above $900 billion. This also led to a surge in global AI related stocks.&nbsp;
About Nvidia&nbsp;
Founded thirty years ago by American-Taiwanese engineer Jen-Hsun "Jensen" Huang, this little-known company was initially a star in the video game world.
The Silicon Valley-based company has long been known for graphics processing units (GPUs), which ramp up image quality and vanquish response lag time for gamers.
If Nvidia hits the one-trillion mark, it will join a club of only five companies -- all US tech giants except Saudi Aramco, the oil behemoth.
Before the major move on Thursday, shares in Nvidia had already doubled in 2023 amid the frenzy over AI chatbots such as OpenAI's ChatGPT and Google's Bard.

Golden retriever, Tucker Budzyn, earns Rs 8 crores a year through his social media popularity. 

This golden retriever earns Rs 8 crores through his social media popularity

Golden retriever, Tucker Budzyn, earns Rs 8 crores a year through his social media popularity.&nbsp;

A 5-year-old golden retriever, Tucker Budzyn, earns Rs 8 crores a year through his social media popularity.&nbsp;
Tucker was 2 years old when he started hitting the headlines on his social media with his cute and adorable videos. The human mother of Tucker and a social media manager said that" A YouTube paid post of his can be anywhere around from $40,000 to $60,000 for a 30-minute pre-roll."
Tucker's human mom Courtney Budzyn, created his Instagram account when he was 8 weeks old in June 2018 and in just a month Tucker's video playing with an ice cube, garnered millions of views.&nbsp;
Courtney who used to clean the houses for a living, and her husband, a civil engineer, quit their jobs to maintain Tucker's health and his social media account.&nbsp;
Tucker has over 25 million followers on social media platforms and has also collaborated with many popular brands.
Also watch: <a href="https://www.editorji.com/lifestyle-news/viral-video-shows-woman-travelling-in-train-with-dog-railway-minister-reacts-1679216244966">Viral video shows woman travelling in train with dog; Railway Minister reacts&nbsp;</a>

Reserve Bank of India governor Shatikanta Das is expected to meet senior officials of private sector banks next week on governance issues where the progress of ₹2,000 note exchanges

₹2000 note exchange: banks to notify big ₹2,000 deposits to IT department 

Reserve Bank of India governor Shatikanta Das is expected to meet senior officials of private sector banks next week on governance issues where the progress of ₹2,000 note exchanges

Though RBI has not set any limit to how many Rs 2000 currency notes can be deposited, but banks will be required to notify the income tax department about large cash deposits of ₹2,000 currency notes.
According to a report by Livemint, this would bring large cash deposits made during the ongoing phasing out of ₹2,000 notes on the radar of tax officials, who routinely comb through the data to detect tax evasion.
The reporting thresholds stand at ₹10 lakh for term and savings deposits and ₹50 lakh for current account deposits.
Mint report further adds that this reporting system has been in existence for a long time and is not a new provision in the wake of RBI&rsquo;s decision to recall ₹ ₹2,000 notes.&nbsp;
Reserve Bank of India governor Shatikanta Das is expected to meet senior officials of private sector banks next week on governance issues where the progress of ₹2,000 note exchanges and deposits would also be discussed, and problems faced in the process would be addressed, a banker said on the condition of anonymity.
The Reserve Bank of India (RBI) announced withdrawal of Rs 2,000 currency notes from circulation on May 19, and said that those holding the existing notes in circulation can deposit in bank accounts or exchange from Tuesday (May 23) till September 30.

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A quarter of jobs could soon be automated as a result of breakthroughs in artificial intelligence, says investment bank Goldman Sachs 

Artificial Intelligence to takeover world's two-thirds of jobs; these industries to be impacted the most

A quarter of jobs could soon be automated as a result of breakthroughs in artificial intelligence, says investment bank Goldman Sachs&nbsp;

Will a bot take your job? Well, the chances are quite high, says Goldman Sachs.&nbsp; Research by investment bank, Goldman Sachs highlighted that &lsquo;generative&rsquo; AI systems such as ChatGPT &ndash; a computer program able to create writing and other content indistinguishable from that of a human &ndash; could spark an economic boom and increase global gross domestic product by 7 per cent in a decade.
Two-thirds of jobs in the US and Europe could be affected, report authors Joseph Briggs and Devesh Kodnani calculated &ndash; with administrative and legal sectors are expected to be the most impacted, with 46% of administrative jobs and 44% of legal jobs being substitutable by AI.
Meanwhile, more complex jobs are expected to remain the sole preserve of humans &ndash; making court rulings and checking the health of critically ill patients are unlikely to be replaced by AI. Physical and outdoor roles such as construction are also unlikely to be affected.

Below normal rainfall is expected in north-west and west-central India, northern parts of the peninsular India and Himalayan foothills. Normal to above normal rainfall will be seen in south peninsular India, east central India and northeast India

Monsoon Forecast: India to witness normal monsoon despite El Nino threat

Below normal rainfall is expected in north-west and west-central India, northern parts of the peninsular India and Himalayan foothills. Normal to above normal rainfall in for south peninsular India, east central India and northeast and extreme north India 

Below normal rainfall is expected in north-west and west-central India, northern parts of the peninsular India and Himalayan foothills. Normal to above normal rainfall in for south peninsular India, east central India and northeast and extreme north India&nbsp;

The Indian Meterological Department has retained its forecast of normal monsoon this year, even as El Nino threat looms over India. However, the IMD expects a below normal rainfall in June.
The IMD has predicted that the South-West monsoon is likely to be 96% of the long-term average. This comes with an error margin of +/-4%. Below normal rainfall is expected in north-west and west-central India, northern parts of the peninsular India and Himalayan foothills. While, most of areas of south peninsular India, some areas of east central India and many areas of northeast and extreme north India would have normal to above-normal rainfall.
"If rainfall distribution is equal that is an ideal scenario, but monsoon rainfall does not happen like that. If we get an equal distribution then agriculture will not be impacted much in India this year," IMD scientist D S Pai said.
While, the IMD said that it is highly possible for the El Nino to develop, there is no one-to-one relation between El Nino and monsoon. The monsoon is expected to make its onset over Kerala on 4th June.&nbsp;
El Nino occurs when the surface waters in the eastern tropical Pacific Ocean warms in an unusual manner.
&nbsp;

PR Sundar, Mansun Consulting and Mangayarkarsi Sundar have to pay a settlement amount of Rs 15.6 lakh each. The disgorgement amount of Rs 6.07 crore also includes the 12% interest applied per annum from June 01, 2020 to February 2023

Finfluencer PR Sundar settles with SEBI; to not deal in securities for a year, disgorge over Rs 6 cr

PR Sundar, Mansun Consulting and Mangayarkarsi Sundar have to pay a settlement amount of Rs 15.6 lakh each. The disgorgement amount of Rs 6.07 crore also includes the 12% interest applied per annum from June 01, 2020 to February 2023

PR Sundar, his company Mansun Consulting and co-promoter of the company Mangayarkarasi Sundar have settled with the Indian market regulator SEBI. This after SEBI initiated an investigation against the three over complaints that they were providing investment advisory services without the requisite registration from the Securities and Exchange Board of India.
As per the settlement order, the three have agreed to refrain from dealing in securities for a year, will pay a settlement amount and disgorge more than Rs 6 crore. The disgorgement amount includes profit earned from advisory services and interest on the profit.
Each of them has to pay a settlement amount of Rs 15.6 lakh which totals to Rs. 46.8 lakh. The disgorgement amount of Rs 6.07 crore also includes the 12% interest applied per annum from June 01, 2020 to February 2023. The revised settlement terms were submitted in February 2023.
SEBI sent a show cause notice to the three after receiving various complaints that PR Sundar was running a website www.prsundar.blogspot.com giving investment advice without registering with the SEBI and that he was offering various packages for providing financial advice.&nbsp;
The three agreed for the settlement while the investigation proceedings were underway.

Jalan Kalrock Consortium had moved the NCLAT to prevent SBI from invoking its ₹150-crore performance bank guarantee over unpaid dues

Jet Airways crisis: Bidder Jalan Kalrock Consortium gets 97 more days to pay dues to SBI

Jalan Kalrock Consortium had moved the NCLAT to prevent SBI from invoking its ₹150-crore performance bank guarantee over unpaid dues

The National Company Law Appellate Tribunal (NCLAT) has given Jalan Kalrock Consortium an extension of 97 days to pay dues to SBI. Jalan Kalrock Consortium (JKC) emerged as the successful bidder of Jet Airways.
JKC had moved the NCLAT to prevent SBI from invoking its ₹150-crore performance bank guarantee over unpaid dues. SBI leads the group of lenders. JKC had earlier expressed interest to restart operations of Jet Airways.
Meanwhile, the validity of Jet Airways' Air Operator's Certificate expired last week. Jet Airways stopped operating on April 18, 2019 after flying for 25 years. The insolvency proceedings against the airline started in June 2019. The NCLT approved the resolution plan by the consortium in June 2021.&nbsp;&nbsp;

On this episode of Invest Smart, Editorji's Avni Raja speaks to cybercrime investigator Ritesh Bhatia about the recent spike in financial cyber crimes, how to protect your money from such scams and what you can do if you've been the victime of a cybe

Invest Smart: How to protect your money from financial cyber-scams 

On this episode of Invest Smart, Editorji's Avni Raja speaks to cybercrime investigator Ritesh Bhatia about the recent spike in financial cyber crimes, how to protect your money from such scams and what you can do if you've been the victime of a cyber-scam. 

On this episode of Invest Smart, Editorji's Avni Raja speaks to cybercrime investigator Ritesh Bhatia about the recent spike in financial cyber crimes, how to protect your money from such scams and what you can do if you've been the victime of a cyber-scam.&nbsp;

While the rise in digital transactions has a lot of benefits, it makes us much more vulnerable to online fraud. There has been a massive spike in the number of financial cyber scams
There has been a huge evolution in the kind of online financial scams that we&rsquo;ve seen. And over time, its become more and more sophisticated making it that much more difficult but not impossible to spot. Especially now with the rise of artificial intelligence, its given a whole new dimension to the kind of scams that cyber criminals can do.
So the big question is, how do we keep ourselves and our money safe?
Distrust everything in cyberspace, no matter how genuine it seems and then verify, says cybercrime investigator Ritesh Bhatia. If you've been the victim of a financial cybercrime, then you must submit a complaint. Here are the steps to follow:
<ol>
<li>Avoid reporting &amp; blocking a number immediately: When you report a number on whatsapp, you lose the messages and the evidence gets erased. Instead, block the suspicious number first.</li>
<li>Take screenshots of all the communication with that number.</li>
<li>Once you&rsquo;ve submitted a complaint, then report number.</li>
<li>Call 1930 as soon as possible, ideally within 30 to 60 minutes of discovering you've been defrauded.</li>
<li>Log on to cybercrime.gov.in &amp; submit complaint&nbsp; First 30-60 minutes most important</li>
<li>You will receive a call from local police station&nbsp; Visit police station, submit complaint&nbsp;</li>
</ol>
The first 30 to 60 minutes is extremely crucial. If you reach out for help during this time, there is a good chance that you might be able to get your money back, Bhatia says. | While financial institutions, regulatory bodies are all trying to ramp up cyber security, it is also just as important that we do our bit in protecting our hard-earned money from such scams.

IndexGPT will tap cloud computing software using artificial intelligence for analyzing and selecting securities tailored to customer needs

JPMorgan trademarks ChatGPT like investment advisor 'IndexGPT'

IndexGPT will tap cloud computing software using artificial intelligence for analyzing and selecting securities tailored to customer needs&nbsp;

JPMorgan Chase has applied to trademark a product called IndexGPT, as per a report by CNBC. IndexGPT would be a ChatGPT like software service that uses artificial intelligence to give investment advice to users.
According to the CNBC report, the filing in the New York-based bank says: IndexGPT will tap in to &ldquo;cloud computing software using artificial intelligence&rdquo; for &ldquo;analyzing and selecting securities tailored to customer needs.&rdquo;
Since chatgpt was launched, many companies have been working on ways to make the most of it. But, there are companies including JPMorgan, Apple, Goldman Sachs which have asked its employees to stay away from ChatGPT due to security risks and possible data leaks.&nbsp; This comes, more than a month after JPMorgan reported a record high revenue in the first quarter of the fiscal. It has also bought First Republic Bank that collapsed.&nbsp;

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