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
This is a commentary by Allan Sloan, an independent business journalist and seven-time winner of the Loeb Award, business journalism’s highest honor. We all know about the problems the Federal Reserve is having these days trying to hold the U.S. and world financial systems together in the aftermath of the Silicon Valley Bank collapse. But … 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
Package deliverer FedEx Corp. is targeting more than $4 billion in cost cuts in the months ahead. But investors, after pummeling the stock in September, catapulted it higher in after-hours trade on Thursday, as those efforts to slash expenses and keep prices higher start to make their way into financials despite continued weakness in shipping … Read more