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The Latest Breaking News on Financial Services

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

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

Could isolated failures herald another global banking crisis?

The Independent UK

UBS agrees to take over Credit Suisse

Bern (Switzerland) (AFP) - UBS has agreed to take over its troubled Swiss rival Credit Suisse, the president of Switzerland announced Sunday, following urgent talks aimed at sparing the embattled bank from a bloodbath when the markets reopen.

AFP

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

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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

UBS agrees to buy Credit Suisse for $2 bn: report

Bern (Switzerland) (AFP) - UBS has agreed to take over its troubled Swiss rival Credit Suisse after doubling its offer to $2 billion, the Financial Times reported amid urgent talks Sunday aimed at sparing the embattled bank from a bloodbath when the markets reopen.

AFP

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

UBS, Credit Suisse lock horns in takeover talks

Bern (Switzerland) (AFP) - UBS is prepared to take over its troubled Swiss rival Credit Suisse but only for a knockdown price, reports said Sunday amid urgent talks aimed at saving the embattled bank from a bloodbath when the markets reopen.

AFP

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 - US

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

The Guardian - UK

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.

Tribune News Service

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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

AFP

Latin finance ministers meet in Panama under shadow of US bank crisis

Panama City (AFP) - Top financial officials from Latin American and Caribbean countries are meeting Saturday in an annual conclave of the Inter-American Development Bank (IDB), after a week overshadowed by the banking crisis in the United States and Europe.

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 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

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The Street

SVB Collapse: How Bank Failures Impact Your Money

Consumers are concerned if their money is safe after three banks have failed recently.

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

AFP

JPMorgan's Jamie Dimon plays key role in bank rescue, in echo of 2008

New York (AFP) - Consulted by policymakers and able to nudge his peers into action, JPMorgan Chase CEO Jamie Dimon played a key role in a bank rescue effort this week -- a situation sparking reminders of 2008.

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.

AFP

Bank fears return to haunt global stock markets

New York (AFP) - Stocks markets tumbled again on Friday as fears of a banking crisis resurfaced despite massive financial lifelines thrown at embattled lenders to prevent contagion across the sector.

The Street

SVB Collapse: Why Customers Are Keeping Money At Bank

Some customers are keeping their deposits at Silicon Valley Bank since the FDIC took control of the failed California bank.

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