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The Latest Breaking News on Financial Services

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

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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

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

The Independent UK

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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.

ABC News

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.

Tribune News Service

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

Could isolated failures herald another global banking crisis?

The Independent UK

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.

WEKU

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.

ABC News

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 Independent UK

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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

Tribune News Service

Midsize US banks ask FDIC to insure deposits for two 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.

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news in one place.

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The Guardian - UK

Millions paid in bonuses to UK Silicon Valley Bank staff days after £1 rescue

Workers reported to have received payouts from ‘modest’ pool of £15m-£20m following takeover deal by HSBC

The Guardian - UK

Bank runs, bailouts, rescues: are the ghosts of 2008 rising again?

The travails of Credit Suisse and others have stirred up bad memories for a public still scarred by the financial crisis

The Guardian - UK

The SVB debacle has exposed the hypocrisy of Silicon Valley

US tech innovators have a culture of regarding government as an innovation-blocking nuisance. But when Silicon Valley Bank collapsed, investors screamed for state protection

The Independent UK

Bank failures: Anger in Congress, but division on what to do

Congress is trying to figure out how best to respond to the abrupt failure of two U.S. banks

The Independent UK

Pensioner victim of romance scam shock at £150,000 bank refund

James’ son Adam was horrified when he was at first told his father wasn’t eligible for compensation

ABC News

It's unclear if central banks can contain the international banking crisis, analysts warn

Analysts say the worldwide banking system is facing a crisis of confidence, with the international banking sector entering an uncertain period in the coming days.

Bangkok Post

SET rides Asian rebound as bank worries ease

RECAP: Asian equities advanced yesterday after a rescue package for First Republic Bank fuelled a rebound in US shares. Even so, the MSCI gauge of Asian shares recorded a second weekly loss after the recent turbulence in the global banking sector.

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