U.S. Treasury Janet Yellen speaks during the American Bankers Association Washington Summit on March 21, 2023 in Washington, DC. Drew Anger | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. … Read more
United States Treasury Secretary Janet Yellen testifies before the Senate Finance Committee on the proposed 2024 budget request, on Capitol Hill in Washington, DC, March 16, 2023. Andrew Caballero – Reynolds | AFP | Getty Images Treasury Secretary Janet Yellen said on Tuesday the government was ready to provide new deposit guarantees if the banking … Read more
What’s next for the First Republic? Amazon is laying off another 9,000 employees. Xi and Putin meet for a second day in Moscow. Here are the most important information investors need to start their trading day: UBS’s “forced marriage” to Credit Suisse might have done the trick, at least for now, as U.S. stock markets … Read more
Discussions, though preliminary, have focused on how the industry could arrange an investment that would increase the bank’s capital, according to people familiar with the matter. Among the options on the table, people said, is investment in the First Republic by the banks themselves. Eleven major banks banded together last week to deposit $30 billion … Read more
Top 10 things to watch Monday, March 20 1. Wall Street looks stable to start the week and ahead of the Fed’s interest rate decision after Wednesday afternoon’s meeting. The market is putting about a 60% chance on a quarter-point rate hike and 40% on no hike as policymakers watch ongoing banking struggles. Here are … Read more
Talks on bailing out Credit Suisse continued on Sunday as UBS demanded $6 billion from the Swiss government to cover the costs. UBS is under pressure from Swiss authorities to take over its local competitor to bring the crisis under control, two people with knowledge of the matter said. Regulators want a resolution before markets … Read more
A tumultuous week in U.S. financial markets ended on an uncertain note on Friday after a massive injection of $30 billion in deposits from major banks into First Republic Bank failed to calm investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began … Read more
Here are Friday’s biggest calls on Wall Street: JPMorgan moves Chubb from neutral to overweight JPMorgan said the insurance company was on the defensive. “Our long-term fundamental outlook for CB is positive, but we have been reluctant to recommend the stock due to concerns over slowing price gains in the tradelines market and the stock’s … Read more
A sign is displayed outside a First Republic Bank office on March 16, 2023 in San Francisco, California. Justin Sullivan | Getty Images News | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. Like … Read more
Top U.S. banks including JPMorgan Chase & Co. discuss joint rescue of First Republic Bank FRC -25.61% that could include a major injection of capital to prop up the beleaguered lender, people familiar with the matter said. JPMorgan works with Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. will provide a lifeline … Read more
