The bank has hired advisors Lazard (ticker: LAZ) and McKinsey & Co. as it explores options including a sale or trimming assets, a person familiar with the matter told Barron’s. News of Lazard’s involvement was reported earlier by The Wall Street Journal. Wall Street CEOs and U.S. officials are exploring the possibility of government backing … 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