Tag: Banks
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Stricter rules for banks after SVB collapse?
Senator Tim Scott, RS.C., right, greets Michael Barr, off-camera, Vice Chairman for Oversight of the Board of Governors of the Federal Reserve System, at the Dirksen Building on Tuesday, March 28, 2023. Tom Williams | Cq-roll Call, Inc. | Getty Images This report comes from today’s CNBC Daily Open, our new newsletter for international markets. […]
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UBS appoints Sergio Ermotti as new CEO of the Group, following the acquisition of Credit Suisse
UBS has appointed Sergio P. Ermotti as Group Chief Executive Officer following the agreement to acquire Credit Suisse. Harold Cunningham | Getty Images News | Getty Images UBS on Wednesday appointed Sergio Ermotti as the group’s new CEO, following its recent acquisition of Credit Suisse. The move will take effect April 5, UBS said in […]
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Jamie Dimon is impeached over JPMorgan Chase’s role in Epstein lawsuits
Jamie Dimon, the veteran CEO and chairman of JPMorgan Chase, will be ousted over his bank’s ties to disgraced former financier Jeffrey Epstein, according to a person with knowledge of the matter. Dimon agreed to be interviewed under oath, at an undetermined date in the future, for two civil trials related to convicted sex offender […]
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How experts say you can have bank deposits over $250,000 insured
The collapse of Silicon Valley Bank and Signature Bank continues to prompt scrutiny of FDIC coverage limits, which are generally $250,000 per depositor. On Friday, President Joe Biden said the FDIC could guarantee deposits of more than $250,000 if further instability occurs. However, experts say it is possible to take out more insurance for your […]
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First Republic rallies 25% Monday to lead regional banks’ comeback
Bloomberg News reported Saturday that US officials are considering expanding federal programs that provide banks with liquidity, in part to help First Republic search for a buyer. CNBC reported on Saturday that the inflow of deposits into major banks from the smaller regions has slowed significantly. Regional bank stocks have been under a lot of […]
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The chairman of the Saudi National Bank resigns just days after Credit Suisse’s comments led to a sell-off
The chairman of the Saudi National Bank, Ammar al-Khudairy, has resigned. He will be replaced by SNB Managing Director and Group CEO Mohammed al-Ghamdi. Al-Khudairy’s resignation comes days after his comment in mid-March that SNB was unlikely to increase its stake in Credit Suisse, at a time when the European lender was grappling with an […]
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Bank stress brings US closer to recession
Recent banking turmoil could push the US closer to recession, Minneapolis Fed president Neel Kashkari said in an interview with CBS’ “Face The Nation.” “What is unclear to us is how much of this banking stress leads to a widespread credit crunch,” he said. “What’s unclear to us is how much of this bank stress […]
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Morgan Stanley is naming the stock to navigate the current European banking jitters
In the wake of recent market volatility and sharp price falls, Morgan Stanley warned that the European banking sector “isn’t as attractive as it used to be”. Shares of Deutsche Bank fell on Friday as worries about the stability of European banks continued following the forced takeover of controversial Credit Suisse by its rival UBS. […]
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The US is reportedly considering more support for banks and gives First Republic time to strengthen its balance sheet
The seal of the US Federal Reserve prior to a press conference following a meeting of the Federal Open Market Committee (FOMC) in Washington, DC, US, on Wednesday, March 22, 2023. Al Drago | Bloomberg | Getty Images US authorities are considering expanding an emergency loan facility that could provide more support to banks in […]