SVB Financial Group seeks cooperation with FDIC after $2 bln frozen

SVB Financial Group seeks cooperation with FDIC after $2 bln frozen

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

Bank shares rise after Credit Suisse rescue eases crisis

Bank shares rise after Credit Suisse rescue eases crisis

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

Stock futures nudge higher on Credit Suisse buyout

Stock futures nudge higher on Credit Suisse buyout

SINGAPORE, March 20 (Reuters) – U.S. stock futures rose in Asian trade on Monday in relief at a weekend rescue deal for Credit Suisse, though the mood was nervous and financial shares remained under pressure from contagion fears, even with support from global central banks. S&P 500 futures rose 0.5% in bumpy early trade. Japan’s … Read more

UBS mulls takeover of Credit Suisse with possible Swiss government guarantees

UBS mulls takeover of Credit Suisse with possible Swiss government guarantees

FRANKFURT, March 18 (Reuters) – UBS (UBSG.S) is examining a takeover of Credit Suisse (CSGN.S) that could see the Swiss government offer a guarantee against the risks involved, said two people with knowledge of the matter on Saturday. The people said that UBS was coming under pressure from the Swiss authorities to carry out a … Read more

Wall St Week Ahead: Plunging bond yields boost stocks’ allure ahead of Fed meeting

Wall St Week Ahead: Plunging bond yields boost stocks' allure ahead of Fed meeting

NEW YORK, March 17 (Reuters) – Whipsawed U.S. stocks have gained an unexpected ally in recent days – a historic plunge in bond yields. U.S. government bond yields fell steeply this week, with some durations marking their biggest drops in decades, as investors bet the Federal Reserve would likely curb its aggressive rate hike trajectory … Read more

Wall Street ends sharply lower on bank contagion fears

Wall Street ends sharply lower on bank contagion fears

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

ECB watchdog sees no Europe contagion after US, Swiss bank rescues

ECB watchdog sees no Europe contagion after US, Swiss bank rescues

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

US banking system sound but not all deposits guaranteed, Yellen says

US banking system sound but not all deposits guaranteed, Yellen says

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

Wall Street drops as Credit Suisse sparks fresh bank selloff

Wall Street drops as Credit Suisse sparks fresh bank selloff

Feb retail sales, producer inflation fall Credit Suisse U.S. shares hit record low Regional bank stocks fall sharply Indexes down: Dow 1.30%, S&P 1.23%, Nasdaq 0.91% March 15 (Reuters) – U.S. stocks dropped on Wednesday as turbulence at Credit Suisse renewed fears of a banking crisis, while data hinting at economic weakness kept alive hopes … Read more

First Republic spoke to private equity before securing financing -sources

First Republic spoke to private equity before securing financing -sources

NEW YORK, March 15 (Reuters) – First Republic Bank (FRC.N) spoke to at least one private equity firm about raising capital before it secured financing from JPMorgan Chase & Co (JPM.N) and U.S. authorities intervened with support for the industry, two sources familiar with the matter said. The conversations, which have not been previously reported, … Read more