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The Latest Breaking News on Financial Services

Even Warren Buffett Loses Billions On 4 Bank Stocks

The banking crisis is costing most S&P 500 investors serious money. Even Warren Buffett is taking his lumps.

Investors Business Daily

OECD raises global growth forecast but recovery 'fragile'

PARIS: The OECD raised its global economic growth forecast on Friday as inflation eases and China emerges from Covid restrictions, but warned of vulnerabilities as seen in the US bank sector turmoil.

Bangkok Post

SVB employees blame remote work for bank failure

What happened at Silicon Valley Bank will likely enter the broader return-to-office debate.

Axios

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Will Americans end up footing the bill for bank failures?

The government’s response to the failure of two large banks has already involved hundreds of billions of dollars

The Independent UK

Stocks Lower, First Republic Worries, Boeing Dreamliner, FedEx Earnings, Michael Jordan Sale - Five Things To Know

Stock futures waver as bank rescues fail to ease contagion fears; First Republic shares slide as cash worries mar $30 billion deposit boost; Boeing edges higher after resuming 787 Dreamliner deliveries; FedEx shares soar as cost cuts drive Q3 earnings beat, profit forecast boost and NBA legend Michael Jordan to…

The Street

First Thing: Markets on alert after US banks join forces to rescue First Republic

Global shares rise as $30bn lifeline for US bank eases fears of imminent collapse. Plus, a 5,000-mile stinking blob of seaweed heads to Florida

The Guardian - UK

Saudi Banks Safe from Troubled US Banks

Ayman Al-Sayari, Governor of Saudi Central Bank (SAMA), ruled out any transactions between Saudi banks and troubled US banks, affirming that the Kingdom’s banking sector enjoys capital adequacy and reassuring liquidity. Al-Sayari spoke with Al-Arabiya TV on the sidelines of the Financial Sector Conference in Riyadh when he added that…

Asharq Al-Awsat

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Former Barclays boss Jes Staley to face US deposition over Epstein ties

JP Morgan to depose ex-employee as part of lawsuit claiming he hid key information about sex trafficker client

The Guardian - UK

Credit Suisse hit by legal action from US investors amid banking turmoil

Complaint claims bank made ‘materially false and misleading statements’ in 2021 annual report

The Guardian - UK

Editorial: Don’t let incompetent bank executives derail the Fed’s inflation battle

Democratic U.S. Sen. Elizabeth Warren thinks she knows who to blame for the collapse of Silicon Valley Bank, and the financial fallout that followed.

Chicago Tribune

SVB parent files for bankruptcy; Credit Suisse shares slide again amid banking crisis – as it happened

European and US banking shares fall, with Credit Suisse down 12% as sentiment remains fragile

The Guardian - UK

Asian shares up after First Republic aid spurs Wall St rally

Shares have advanced in Asia, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the lender investors had focused on in their hunt for troubles in the banking industry

The Independent UK

US banks flock to Federal Reserve highlighting 'scale of stress in US banking system'

First Republic is the fourth bank in a week to show signs of financial distress. What does this mean for Australian interest rates – and mortgages?

ABC News

Global bank crisis fears ease after billion-dollar lifelines

Asian stock markets rise after moves to shore up confidence in troubled banks in Europe and the United States.

Al Jazeera

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Chicago Sun-Times

Big banks create $30 billion rescue package for troubled First Republic Bank

The uninsured deposits from 11 big banks into First Republic Bank are seen as a vote of confidence in the San Francisco-based firm with $176.4 billion in deposits.

Birmingham Post

Socially conscious bank crowned business of the year

Greater Birmingham Chamber awards top honour to Unity Trust Bank as its annual business awards held last night in the city

Axios

Fed's emergency bank lending soars to new record

The report sheds light on banks' demand for short-term cash in the early days of the fallout from the Silicon Valley Bank crisis.

The Independent UK

Big US banks benefit from surge in deposits after SVB and Signature Bank collapses

Though some consumers have pulled their money out of smaller banks, a Treasury official said those withdrawls have slowed

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The Independent UK

Credit Suisse and First Republic: Why are banks needing new bailouts?

Could isolated failures herald another global banking crisis?

Bangkok Post

The fall of SVB: Another predictable bank failure

The run on Silicon Valley Bank (SVB) -- on which nearly half of all venture-backed tech start-ups in the United States depend -- is in part a rerun of a familiar story, but it's more than that. Once again, economic policy and financial regulation have proven inadequate.

Bangkok Post

Locals firms prefer digital over virtual

Local banks are focusing on nudging their customers to digital platforms to grow services there, instead of applying for the central bank's upcoming virtual bank licence.

Bangkok Post

Asset managers counting on Credit Suisse assistance

Local fund managers and economists insist the Swiss government and central bank will not let Credit Suisse collapse, but warn the situation remains fragile and investors should add gold to their portfolios amid the ongoing market volatility.

Bangkok Post

SET allays concerns among investors

The Stock Exchange of Thailand (SET) yesterday rushed to ease concerns after a plunge in Credit Suisse shares, reigniting worries about a possible banking crisis.

Al Jazeera

US banking giants pledge $30bn to prop up First Republic Bank

Leaders of top US financial agencies say move is ‘welcome’ amid fears California-based lender could be next to collapse.

Tribune News Service

Debt limit breach would be ‘devastating’ for banks, Yellen says at hearing

WASHINGTON — Treasury Secretary Janet L. Yellen told senators on Thursday that the banking system remains sound in the aftermath of Silicon Valley Bank's collapse. But she warned that failure to raise the debt limit in time would be devastating for banks after the turmoil.

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