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The Latest Breaking News on Financial Services

Billions knocked off UK banking shares as financial fears linger after $3.3 billion Credit Suisse rescue

Interest rate rises look less likely as turmoil continues in financial sector as wider markets find support

Evening Standard

Everyone take a deep breath -- our banks are ok

City Comment: A run on banks used to take weeks. Now it takes hours...

Evening Standard

What is Credit Suisse, why is it so significant and who rescued it from collapsing?

As Switzerland’s second biggest lender, Credit Suisse was considered one of the top 30 most important banks in the world

Evening Standard

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UK and US shares climb as banks and ministers aim to calm Credit Suisse fears

FTSE 100 rises and European banking shares are up after early jitters over what UBS takeover deal means for bondholders

The Guardian - UK

Silicon Valley Bank's demise animates early days of California's 2024 US Senate contest

With a mirror slightly askew in the background, Rep. Katie Porter sat in her Irvine bedroom and flipped on Instagram live as several regional banks teetered on collapse, with depositors frantically seeking to pull money from their accounts.

Los Angeles Times

Thousands of City jobs at risk in Credit Suisse crisis as UBS takes over embattled bank

Investment bank, back office and technology jobs are set to be axed in London after UBS swallowed up Credit Suisse

Evening Standard

Oil Falls More Than $2 on Banking Concerns, Likely Fed Rate Hike

Oil prices fell on Monday to their lowest in 15 months on concerns risks in the global banking sector may cause a recession that would lead fuel demand to decline and ahead of a potential hike in US interest rates this week. Brent crude futures for May settlement fell $2.32,…

Asharq Al-Awsat

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Ulster Bank plans major refresh of central Belfast branch

The move will see the branch adopt the style of flagship NatWest branches in cities across England and Wales

Belfast Live

Explainer: are we in a banking crisis?

The below-market sale of Credit Suisse has spooked investors but other markets have held up well and central banks are working to keep money flowing

The Guardian - AU

US sees bank deposits stabilise even as some regional banks reel

Deposits in the country’s banking system are stabilising, Reuters reported citing unnamed US official.

Al Jazeera

RBA says it’s harder to break the bank in Australia

Reserve Bank assistant governor Christopher Kent says Australian banks are on a firm footing despite strained conditions in global financial markets.

The New Daily

Japan, Singapore and Hong Kong downplay Credit Suisse fallout

Asian financial authorities say Swiss lender’s takeover not likely to affect stability of local banks.

Al Jazeera

New York Community Bank to buy large part of failed Signature Bank, US agency says

New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.

France 24

RBA says Australian banks strong despite global turmoil

Reserve Bank assistant governor Christopher Kent says Australian banks are on a firm footing despite strained conditions in global financial markets.

AAP

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The Independent UK

UK banking system ‘safe and sound’ after Credit Suisse buyout, Bank of England says

Threadneedle Street has days before next interest rates call, as central banks signal more turmoil could follow

ABC News

ASX dives in late afternoon trade as moves to quell banking crisis fail to enthuse investors

Australia was the first major financial centre to react to UBS's takeover of Credit Suisse and coordinated action by central banks to pump more US dollars into the global banking system — and the response was hardly enthusiastic.

Tribune News Service

Midsize US banks ask FDIC to insure deposits for 2 years

A coalition of midsize U.S. banks asked federal regulators to extend FDIC insurance to all deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks.

Tribune News Service

Warren says she favors increasing FDIC’s deposit insurance cap

WASHINGTON — Sen. Elizabeth Warren is calling for more U.S. deposits to be covered by federal insurance and demanding government probes into whether lax regulation fueled this month’s collapse of Silicon Valley Bank and Signature Bank.

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The Independent UK

What happened to Credit Suisse and why are banks needing bailouts again?

Could isolated failures herald another global banking crisis?

WEKU

UBS to buy troubled Credit Suisse in deal brokered by Swiss government

UBS will buy rival Credit Suisse for more than $3 billion in a deal brokered by Swiss officials to try and prevent a banking crisis.

ABC News

World's central banks rally to prevent banking crisis spreading after UBS takes over embattled Credit Suisse

Beleaguered bank Credit Suisse is bought out by Swiss rival UBS, with the nation's president saying an uncontrolled collapse would have had "incalculable consequences" for the international finance system.

The Independent UK

Swiss to hold news conference amid Credit Suisse troubles

Swiss leaders are holding a news conference Sunday night following several media reports that banking giant UBS is believed to be in talks to acquire its smaller rival Credit Suisse

The Guardian - US

Elizabeth Warren says Fed chair ‘failed’ and calls for inquiry into bank collapse

Progressive Democrat launches offensive on politicians on the left and the right who supported Trump-era deregulation of US banks

The Guardian - US

US banks want socialism for themselves - and capitalism for everyone else

When banks like Silicon Valley Bank collapse, money floods to bigger ones like JPMorgan. Clients know they’re ‘too big to fail’

The Guardian - UK

Interest rate rises in doubt as fear of new global crisis rattles central banks

Concern about trouble in finance sector, plus renewed momentum in UK economy, could halt rises City analysts thought were a certainty

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