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
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
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
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
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
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
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