(Reuters) -U.S. authorities are considering the expansion of an emergency lending facility that would offer banks more support, in an effort that could give First Republic Bank more time to shore up its balance sheet, Bloomberg News reported on Saturday. All deliberations are at an early stage and an expansion of the Federal Reserve’s emergency…
(Reuters) – U.S. authorities are considering the expansion of an emergency lending facility that would offer banks more support, in an effort that could give First Republic Bank more time to shore up its balance sheet, Bloomberg News reported on Saturday. All deliberations are at an early stage and an expansion of the Federal Reserve’s…
ZURICH (Reuters) – Credit Suisse tapped the Swiss National Bank for “a large multi-billion amount” last weekend to secure its liquidity, the country’s finance minister Karin Keller-Sutter told Swiss broadcaster SRF on Saturday. The troubled Swiss bank had said last week it intended to borrow up to 50 billion Swiss francs from the country’s central…
WASHINGTON (Reuters) – Challenger Shawn Fain has been declared the winner of the race for United Auto Workers president, narrowly leading the current union head Ray Curry, a spokesman for Fain said on Saturday. Fain’s campaign said he had a lead of 483 votes greater than the number of challenged votes remaining after ballot counting…
By Valentina Za and Giuseppe Fonte MILAN (Reuters) – Italy’s Treasury said it would confirm Luigi Lovaglio as chief executive of Monte dei Paschi di Siena, keeping the veteran banker in charge of the bank as turmoil shakes the industry. Monte dei Paschi (MPS) is due to appoint a new board of directors on April…
(Reuters) – Markets have experienced massive upheaval in the last month, prompted in part by two of the three largest banking failures in U.S. history while Swiss lender Credit Suisse was bought by rival UBS Group AG in a merger engineered by Swiss regulators. Fears of banking contagion remain, and investors are worried that global…
ZURICH (Reuters) – Switzerland’s finance minister defended the shotgun merger between the country’s two largest banks in an interview with Swiss newspaper Neue Zuercher Zeitung on Saturday, saying the use of emergency law was necessary to stabilise the situation. “Credit Suisse would not have survived Monday,” Karin Keller-Sutter said, explaining the need to find a…
By David Randall NEW YORK (Reuters) – Investors are settling in for a long slog in the U.S. stock market in coming months, braced for more tumult in the banking sector and worries over how the Federal Reserve’s tightening will ripple through the economy. Banking sector concerns drove sharp moves in financial stocks in the…
By Pete Schroeder and Saeed Azhar WASHINGTON/NEW YORK (Reuters) – The banking crisis set off by the swift collapse of Silicon Valley Bank has exposed a sharp disconnect between Washington and Wall Street. Bankers want faster, more aggressive action to shore up the industry, while the Biden White House and regulators argue they’ve done what…
(Adds reporting credit, no change to text) MILAN (Reuters) -Italy’s Treasury is set to hand veteran banker Luigi Lovaglio a new mandate as chief executive of state-owned lender Monte dei Paschi di Siena, two people with knowledge of the matter said. Lovaglio, who built his career at UniCredit where he eventually rose to lead the…
