By Lananh Nguyen and Saeed Azhar (Reuters) -Citigroup Inc CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled turmoil in global financial markets. “The banking system is pretty sound,” and large and regional banks are well-capitalized, Fraser told the Economic Club of Washington D.C. on…
Sydney (Reuters) – Credit Suisse said on Thursday it has hired private banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth management. The embattled bank is being bought by rival UBS Group for 3 billion Swiss francs ($3.27 billion) in a deal engineered by Swiss authorities to avoid more market-shaking turmoil…
Sydney (Reuters) – Credit Suisse said on Thursday it has hired private banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth management. The embattled bank is being bought by rival UBS Group for 3 billion Swiss francs ($3.27 billion) in a deal engineered by Swiss authorities to avoid more market-shaking turmoil…
HONG KONG (Reuters) -China Evergrande New Energy Vehicle Group Ltd said on Thursday it may have to halt production of electric vehicles (EVs) if it could not obtain fresh funding, after delivering more than 900 units of its flagship Hengchi 5 model. The EV manufacturing unit of the embattled developer China Evergrande Group said it…
By Tatiana Bautzer and Chris Prentice NEW YORK (Reuters) – A “bull case” scenario for the shares of beleaguered First Republic Bank as it considers its options became more difficult on Wednesday after Treasury Secretary Janet Yellen said there is no discussion on insurance for all bank deposits without approval from the U.S. Congress. First…
By Hannah Lang and Pete Schroeder (Reuters) – In the United States and many other countries, the government guarantees a certain amount of each customer’s deposits in the event of a bank failure, to protect both consumers and the broader financial system. With the collapse of Silicon Valley Bank and Signature Bank and the U.S….
By Saeed Azhar and Lananh Nguyen (Reuters) -Citigroup Inc Chief Executive Officer Jane Fraser expressed confidence in the U.S. banking system after a series of U.S. bank failures rattled investors and fueled turmoil across global financial markets. The banking sector is “pretty sound,” despite high-profile bank closures, Fraser told the Economic Club of Washington D.C. “This…
(Reuters) – U.S. homebuilder KB Home said on Wednesday net orders in the first two-and-a-half weeks of the ongoing second quarter fell 24% from last year, issuing a rare mid-quarter update due to the ongoing market volatility fueled by a banking crisis. The California-based company expects net orders for the second quarter, which began in…
By David Lawder and Douglas Gillison WASHINGTON (Reuters) -The brewing U.S. banking crisis seems far removed from the northeastern Vermont town of St. Johnsbury, but local Passumpsic Bank executive Daniel Kimbell grew concerned when he heard U.S. Treasury Secretary Janet Yellen’s congressional testimony last week. Yellen told a U.S. Senate hearing on March 16 that…
By Ann Saphir (Reuters) -The management of Silicon Valley Bank “failed badly,” Federal Reserve Chair Jerome Powell said on Wednesday, but its collapse also underscores the need for better controls despite what had been escalating oversight by the Fed’s own examiners. “These are not weaknesses that are running broadly through the banking system,” Powell told…
