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
Published: March 21, 2023 at 4:43 p.m. ET For the second time in his 67 years, Microsoft Corp. co-founder Bill Gates said he has been truly blown away by technology. The first time was back in 1980, when he was introduced to the graphical user interface, which became the rock upon which he built Microsoft’s … Read more
On Tuesday, the company’s CEO Jensen Huang announced a wide-ranging set of partnerships and products that enable this latest wave of artificial intelligence services—all powered by Nvidia’s semiconductors. “Generative AI’s incredible potential is inspiring virtually every industry to reimagine its business strategies and the technology required to achieve them,” Huang said during the Nvidia (ticker: … 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
A tumultuous week in the U.S. financial markets ended on an uncertain note Friday after a massive $30 billion injection of big-bank deposits into First Republic Bank failed to calm investors. Last week, the sudden meltdown of three U.S. banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began to rekindle concerns … 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