WASHINGTON/FRANKFURT, March 26 (Reuters) – Stress in the banking sector is being closely monitored for its potential to trigger a credit crunch, a U.S. Federal Reserve policymaker said on Sunday, as a European Central Bank official also flagged a possible tightening in lending. Authorities around the world are on high alert for the fallout from … Read more
WASHINGTON, March 24 (Reuters) – The multi-regulator U.S. Financial Stability Oversight Council agreed on Friday that the U.S. banking system remains “sound and resilient” despite stress on some institutions, the U.S. Treasury said in its latest statement to calm jittery markets and bank depositors. In a readout of a closed meeting chaired by Treasury Secretary … Read more
March 23 (Reuters) – The Bank of England on Thursday followed the Federal Reserve and the Swiss National Bank in hiking interest rates, as policymakers ploughed on with their fight against inflation in the face of the instability that rippled through the global banking system this month. Investors had questioned whether the central banks could … Read more
March 22 (Reuters) – Citigroup Inc (C.N) CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled turmoil in global financial markets. “The banking system is pretty sound,” and large and regional banks are well-capitalized, Fraser told the Economic Club of Washington D.C. on Wednesday. “This … Read more
NEW YORK, March 22 (Reuters) – As beleaguered First Republic Bank (FRC.N) considers its options, Treasury Secretary Janet Yellen said on Wednesday there is no discussion on insurance for all deposits, making a “bull case” scenario more difficult for the stock. First Republic, whose shares have lost much of their value since the banking crisis … Read more
March 21 (Reuters) – An attorney for SVB Financial Group (SIVB.O) told a judge on Tuesday it was seeking cooperation from regulators who seized its Silicon Valley Bank unit and removed $2 billion of its cash, which was needed to sustain operations. SVB Financial, which filed for bankruptcy on Friday, had said in court papers … Read more
March 20 (Reuters) – U.S. banking stocks rose on Monday and Europe’s lenders recovered from a sharp early sell-off after UBS Group’s state-backed takeover of Credit Suisse appeared to close off one source of worry for the global banking sector. In a package engineered by Swiss regulators on Sunday, UBS Group AG (UBSG.S) will pay … Read more
First Republic Bank tumbles on suspending dividend SVB Financial seeks bankruptcy protection FedEx jumps on full-year profit forecast raise Indexes down: Dow 1.19%, S&P 1.10%, Nasdaq 0.74% NEW YORK, March 17 (Reuters) – Wall Street closed lower on Friday, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector … Read more
March 17 (Reuters) – European Central Bank supervisors see no contagion for euro zone banks from recent turmoil, a source said on Friday, after U.S. lenders threw First Republic Bank (FRC.N) a $30 billion lifeline and tapped record amounts from the Federal Reserve. Large U.S. banks on Thursday swooped in to rescue the San Francisco-based … Read more
WASHINGTON, March 16 (Reuters) – The U.S. banking system remains sound and Americans can feel confident that their deposits are safe, Treasury Secretary Janet Yellen said on Thursday, but she denied that emergency actions after two large bank failures mean that a blanket government guarantee now existed for all deposits. In her first public remarks … Read more