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
NEW YORK, March 22 (Reuters) – As beleaguered First Republic Bank (FRC.N) considers its options, Treasury Secretary Janet Yellen said on Wednesday there is no discussion on insurance for all deposits, making a “bull case” scenario more difficult for the stock. First Republic, whose shares have lost much of their value since the banking crisis … Read more
WASHINGTON, March 22 (Reuters) – A conservative Republican and a progressive Democrat in the U.S. Senate are introducing legislation on Wednesday to replace the Federal Reserve’s internal watchdog with one appointed by the president, aiming to tighten bank supervision following the failures of Silicon Valley Bank and Signature Bank. Republican Rick Scott and Democrat Elizabeth … 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 21 (Reuters) – Nvidia Corp (NVDA.O) Chief Executive Jensen Huang on Tuesday unveiled a new product for speeding up the design of semiconductors as it rolled out an array of new artificial intelligence technologies based around its chips and software. Huang made the remarks at GTC, the company’s annual conference for software developers. Analysts … 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
LONDON, March 20 (Reuters) – Some of the world’s leading makers of flu vaccines say they could make hundreds of millions of bird flu shots for humans within months if a new strain of avian influenza ever jumps across the species divide. One current outbreak of avian flu known as H5N1 clade 2.3.4.4b has killed … 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
First Republic Bank tumbles on suspending dividend SVB Financial seeks bankruptcy protection FedEx jumps on full-year profit forecast raise Indexes down: Dow 1.19%, S&P 1.10%, Nasdaq 0.74% NEW YORK, March 17 (Reuters) – Wall Street closed lower on Friday, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector … Read more