U.S. Secretary of the Treasury testifies before the Senate Appropriations Subcommittee on Financial Services March 22, 2023 in Washington, DC. Win Mcnamee | Getty Images WASHINGTON — Federal bank regulators are not considering any plans to insure all U.S. bank deposits, Treasury Secretary Janet Yellen told members of a SenateContinue Reading
A customer walks towards an automated teller machine (ATM) inside a Credit Suisse Group AG bank branch in Geneva, Switzerland, on Thursday, Sept. 1, 2022. Jose Cendon | Bloomberg | Getty Images Swiss banking giant UBS on Sunday offered to buy its embattled rival Credit Suisse for up to $1Continue Reading
Even with turmoil in the banking industry and uncertainty ahead, the Federal Reserve likely will approve a quarter-percentage-point interest rate increase next week, according to market pricing and many Wall Street experts. Rate expectations have been on a rapidly swinging pendulum over the past two weeks, varying from a half-pointContinue Reading
WASHINGTON — Treasury Secretary Janet Yellen sought to reassure markets and lawmakers on Thursday that the federal government is committed to protecting U.S. bank deposits following the failure of Silicon Valley Bank and Signature Bank over the weekend. “Our banking system remains sound and Americans can feel confident that theirContinue Reading
People walk by the New York headquarters of Credit Suisse on March 15, 2023 in New York City. Spencer Platt | Getty Images Credit Suisse may have received a liquidity lifeline from the Swiss National Bank, but analysts are still assessing the embattled lender’s prognosis, weighing the option of aContinue Reading
Traders gather at the post where First Republic Bank as the stock is halted from being traded on the floor of the New York Stock Exchange (NYSE) in New York City, March 15, 2023. Brendan McDermid | Reuters Shares of First Republic reversed their losses and regional bank stocks pushedContinue Reading
A group of financial institutions is in talks to deposit $30 billion in First Republic in what’s meant to be a sign of confidence in the banking system, sources told CNBC’s David Faber. The deal is not done yet, the sources said, and the amounts were a moving target. TheContinue Reading
Shoppers look at items displayed at a grocery store in Washington, D.C., on Feb. 15, 2023. Stefani Reynolds | AFP | Getty Images Consumer inflation may have cooled off a little in February, but economists expect it is still running at a high pace. The consumer price index, expected TuesdayContinue Reading
On Friday, Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits, a board member told CNBC. That run on deposits quickly led to the third-largest bank failure in U.S. history. Regulators announced late Sunday that Signature was being taken overContinue Reading
A First Republic Bank branch in New York, US, on Friday, March 10, 2023. Jeenah Moon | Bloomberg | Getty Images Financial stocks under pressure The declines came despite Sunday’s news that the Federal Reserve created a new Bank Term Funding Program that will offer loans for up to aContinue Reading