Savings returns are expected to be the best they have been in 15 years, in part because of the Federal Reserve's recent increase in interest rates as a result of persistent inflation.
Oregon-based Umpqua Bank recently merged with Columbia Bank, and the combined company has created a system of more than 300 banking branches across the western United States.
For years the bank provided a safe haven for wealthy American clients to hide assets from the IRS - even when it was arrested and charged with doing the same over a decade ago, according to two former Credit Suisse bankers.
First Citizens BancShares is buying SVB's $72 billion in assets for $16.5 billion, a 23% discount, according to an FDIC statement on Sunday.
Deutsche Bank is facing investor panic over its stability despite posting 10 quarters of profit and undergoing restructuring. Research firm Autonomous dismissed concerns over its US commercial real estate exposures and derivatives book. JPMorgan identified three causes for Credit Suisse's collapse, including governance failures, challenging market conditions, and liquidity risk, leading to depositor outflows. They emphasized the importance of transparency in liquidity measures and confidence in management.
The Swiss National Bank said on Wednesday it was ready to provide financial support to Credit Suisse after shares of the country's second-largest lender plunged 30%.
Goldman Sachs on Wednesday cut its economic growth forecast for 2023, citing a drop in lending by small and medium-sized banks amid turmoil in the broader financial system.
Former President Donald Trump and other Republican 2024 presidential candidates spoke about the Silicon Valley Bank debacle this weekend, giving the first hints of their different approaches to the markets.
The layoffs were announced on Tuesday and have affected some of the top manufacturers, including several bankers who took out loans that exceeded $100 million last year and attended an insider sales meeting for recent successful people, according to sources familiar with the situation.
On Tuesday, HSBC reported fourth-quarter 2022 results, beating analysts' expectations. Bank's reported pre-tax profit for the three months ending December was $5.2 billion, up 108% from $2.5 billion a year earlier and better than the bank's estimate of $4.97 billion. HSBC said its fourth-quarter results reflected strong revenue growth and lower operating costs.
Federal prosecutors announced Thursday that an Akron, Ohio woman who worked as a third-party customer service representative for US bank was charged with stealing banking information and stealing $1.1 million from customers.
Goldman Sachs has dropped plans to develop a Goldman-branded credit card for retail customers, another casualty of the firm’s strategic pivot.
Goldman Sachs CEO David Solomon said Tuesday that the US economy appears more likely to avoid a deep recession this year.
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Minneapolis Federal Reserve President Neel Kashkari said Tuesday that the sharp job growth in January was evidence that the central bank has more work to do to tame inflation.
