Regional bank stocks looked set to rebound early Thursday as the market digested remarks made by Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen. Citigroup (ticker: C) CEO Jane Fraser added her vote of confidence into the mix, as she said the banking system is “pretty sound,” at the Economic Club of Washington … Read more
Silicon Valley Bank’s former parent company can’t access about $2 billion that it had deposited at the failed bank, after regulators froze the company’s accounts and are exploring whether it should help shoulder costs associated with the bank’s failure. Lawyers for SVB Financial Group, the holding company that used to control the now-defunct bank, claimed … Read more
American depositary receipts of Swiss bank Credit Suisse (ticker: CS) plunged more than 47% to about 83 cents after larger rival UBS (UBS) agreed to buy Credit Suisse in a deal valued at about $3.2 billion. The merger of Switzerland’s two largest banks—engineered over the weekend by Swiss authorities—comes against a backdrop of industry turmoil. U.S.-listed shares … Read more
Regional bank stocks fell Friday even after the country’s biggest lenders agreed to inject $30 billion in uninsured deposits into First Republic Bank . The rescue plan, involving many of America’s largest banks, including Bank of America (ticker: BAC), Citigroup (C), and JPMorgan Chase (JPM), initially brought some relief to shares of regional banks but … Read more