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…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. The Asian open on Thursday may hinge on which of the conflicting narratives thrown up by late U.S. trading on Wednesday investors choose to run with: the Fed’s ‘dovish hike’, or Treasury Secretary Janet Yellen’s remarks on the…
(Reuters) – Deposit flows in the U.S. banking system have stabilized in the last week after a historic run on deposits at Silicon Valley Bank prompted its collapse and forced finance officials to take emergency actions to shore up the system, Federal Reserve Chair Jerome Powell said on Wednesday. “We took powerful actions with Treasury…
NEW YORK (Reuters) – The U.S. Securities and Exchange Commission on Wednesday sued Chinese cryptocurrency entrepreneur Justin Sun, accusing him and other defendants of illegally selling crypto securities and scheming to artificially inflate trading volume in crypto assets. The lawsuit was filed in Manhattan federal court. (Reporting by Chris Prentice and Jonathan Stempel in New…
By Howard Schneider, Yoruk Bahceli and Akriti Sharma (Reuters) – The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two U.S. banks. The move…
By Medha Singh (Reuters) -Meme stock GameStop Corp surged nearly 41% on Wednesday as the video game retailer’s first profitable quarter in two years squeezed bearish investors and sparked off a rally in other stocks popular among retail traders. GameStop, AMC Entertainment Holdings Inc and several other names were at the heart of a meme-stock…
