New York CNN — Two weeks ago few people outside the tech industry had even heard of Silicon Valley Bank, the midsize California lender whose rapid implosion would end up shaking the foundations of the entire global financial system. But then, on the morning of Friday, March 10, after clients withdrew $42 billion in the … Read more
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — Federal regulators are being called to testify before the House Financial Services Committee on … Read more
Every man, woman, and child could be on the hook for $13,500, the news outlet has calculated Switzerland’s decision to rescue failing investment bank Credit Suisse could be a major burden for the nation’s taxpayers, according to Bloomberg calculations. The Swiss government has pledged to absorb 9 billion Swiss francs ($9.7 billion) of the bank’s … Read more
A group of Republicans in the House of Representatives are sending a letter to President Biden demanding an investigation into the Chinese Communist Party’s position in the recently-collapsed Silicon Valley Bank. The GOP lawmakers are seeking to clarify how federal efforts to restructure the bank could benefit CCP-backed companies with taxpayer funds, according to the … Read more
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Bank of America Corp is redeploying employees in wealth management and lending to other roles within the company, a source familiar with the matter said on Friday, as higher interest rates continue to weigh on the businesses, Trend reports with reference to Reuters. Less than 200 employees are being moved to product specialist positions within … Read more
Central Bank unveils amount of loans issued for services sector in Iran Source link
London CNN — Europe’s banking stocks tumbled Friday as investors acted on their lingering worries that the recent crises at some banks could spill over into the wider sector. Europe’s Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, closed 3.8% lower. The index is down 18% from its high in … Read more
European stock markets close sharply lower on renewed bank jitters. Markets reduced losses after European Central Bank President Christine Lagarde told EU leaders the Euro area banking sector was ‘resilient due to strong capital, liquidity positions and post-2008 reforms’. Lagarde also said the ECB toolkit was equipped to provide liquidity to the financial system if needed. … Read more
In Europe, the banks hit by a sell-off from worried investors included Germany’s Commerzbank, which saw shares fall about 5%. France’s Societe Generale ended down about 6% while in the UK, Standard Chartered was the biggest faller, down more than 6%. Source link