March 21 (Reuters) – SVB Financial Group and the federal regulator that shuttered its Silicon Valley Bank unit said at a hearing in bankruptcy court on Tuesday that a fight looms over more $2 billion of the money from the former parent company that was seized with the lender. SVB Financial, which filed for bankruptcy … Read more
March 21 (Reuters) – As crisis grips the traditional world of stocks and bonds, bitcoin is suddenly looking like a safe haven. The infamously volatile cryptocurrency looks positively buoyant, much like a banking meltdown pushes markets into the arms of a recession. Bitcoin is up 21% this month, while a choppy S&P 500 lost 1.4% … Read more
March 20 (Reuters) – U.S. banking stocks rose on Monday and European lenders rebounded from a strong early sell-off after the state-backed takeover of Credit Suisse by UBS Group appeared to wipe out a source of concern for the global banking sector. In a package designed by Swiss regulators on Sunday, UBS Group AG (UBSG.S) … Read more
A tumultuous week in U.S. financial markets ended on an uncertain note on Friday after a massive injection of $30 billion in deposits from major banks into First Republic Bank failed to calm investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began … Read more
First Republic Bank tumbles by suspending its dividend SVB Financial files for bankruptcy protection FedEx jumps on boost to full-year earnings forecast Indices down: Dow 1.31%, S&P 1.17%, Nasdaq 0.80% NEW YORK, March 17 (Reuters) – Wall Street fell on Friday at the end of a tumultuous week marked by the unfolding crisis in the … Read more
The largest banks in the United States, including JPMorgan Chase JPM 1.67% & Co., discuss a joint bailout of First Republic Bank FRC -20.06% that could include a major injection of capital to prop up the beleaguered lender, people familiar with the matter said. JPMorgan works with Citigroup Inc., VS 1.17% Bank of America Corp. … Read more
March 16 (Reuters) – Credit Suisse (CSGN.S) said on Thursday it would borrow up to $54 billion from the Swiss central bank to bolster liquidity and investor confidence, after a slump in its equities has intensified fears of a global banking crisis. The bank’s announcement, which came in the middle of the night in Zurich, … Read more
Bank of the First Republic FRC -21.37% fell more than 20% after the bank’s rating was downgraded by S&P Global and Fitch Ratings, which both pointed to the risk of deposit outflows from the bank. The stock closed at its lowest level since 2012 and is down more than 70% from a week ago. US … Read more
CHICAGO, March 14 (Reuters) – Tyson Foods Inc (TSN.N) will close two U.S. chicken plants with nearly 1,700 employees on May 12, the company said on Tuesday. The closures show that America’s biggest meat company by sales is still trying to figure out how to improve its chicken business which has struggled for years. Tyson … Read more
March 14 (Reuters) – Shockwaves from the collapse of Silicon Valley Bank (SIVB.O) hit global banking stocks again on Tuesday, with assurances from President Joe Biden and other policymakers having little calmed the markets and prompted a rethink of the outlook for interest rates. Biden’s efforts to reassure markets and depositors came after emergency U.S. … Read more
