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
It’s not just regional bank stocks that have been hit by the recent banking crisis – large-cap bank stocks have also fallen. But some analysts believe the drop is overdone and retail investors flocked to buy the drop in the biggest traditional US banks last week. Still, there may be more room to run. JPMorgan … 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
The Federal Deposit Insurance Corp. said Monday it had transferred all deposits, insured and uninsured, from the old Silicon Valley Bank to a new full-service bridge bank operated by the FDIC as part of an action to protect all depositors from the bank. . The move comes after the regulator closed the bank and its … Read more
My top 10 things to watch Monday, March 13 1. First Republic Bank (FRC) down 60% early Monday, leading banking stocks lower in the open. The global market opens lower, the morning after regulators took extraordinary steps to protect depositors at the bankrupt Silicon Valley Bank, owned by SVB Financial (SIVB) and Signature Bank (SBNY). … Read more
A sign hangs at the Silicon Valley Banks headquarters in Santa Clara, California on March 10, 2023. Noah Berger | AFP | Getty Images More than three hundred venture capitalists have signed a joint statement pledging to do business again with Silicon Valley Bank if it is “purchased and capitalized appropriately” after the financial institution … Read more
Shares of Silicon Valley Bank fell for the second day on Friday and again weighed on the wider banking sector on fears that more banks could take heavy losses on their bond portfolios. Concern among founders and venture capitalists grew earlier this week after Silicon Valley Bank surprised the market by announcing late Wednesday that … Read more
Wells Fargo laid off hundreds of mortgage bankers this week as part of a sweeping series of budget cuts triggered by the bank’s recent strategic shift, CNBC has learned. The layoffs were announced on Tuesday and have ensnared some top performers, including a few bankers who surpassed $100 million in loan volumes last year and … Read more
