By Ann Saphir (Reuters) – Responsibility for the Federal Reserve’s oversight of large financial institutions like the failed Silicon Valley Bank rests with staff in Washington and not with any regional Fed bank chief, a former chair of the San Francisco Fed bank said on Friday. “The regulatory regime at the Reserve Bank is that…
By Jonathan Stempel NEW YORK (Reuters) -A U.S. judge on Friday dismissed a former Barclays Plc trader’s whistleblower lawsuit accusing the British bank of firing him after he complained it ignored basic risk management and violated its own policies for detecting rogue trading. U.S. District Judge Paul Oetken in Manhattan said Brian La Belle, who…
(Reuters) – Bank of America Corp is redeploying employees in wealth management and lending to other roles within the company, a source familiar with the matter said on Friday, as higher interest rates continue to weigh on the businesses. Less than 200 employees are being moved to product specialist positions within the company’s global operations…
By Hannah Lang WASHINGTON (Reuters) – The euro and sterling fell sharply against a strengthening dollar on Friday amid lingering nervousness over banks. Banking stocks plunged in Europe with heavyweights Deutsche Bank and UBS Group pummelled by worries that the worst problems to hit the sector since the 2008 financial crisis have not yet been…
By Saeed Azhar and Matt Tracy NEW YORK (Reuters) – Small U.S. lenders that have outsized exposure to office loans could become the next group to face strains after bank failures roiled financial markets this month, according to analysts. Rising interest rates, a slowdown in the commercial real estate (CRE) market and the proliferation of…
LONDON (Reuters) – Financial markets have been thrown a fresh curve ball by the decision to write down 16 billion Swiss francs ($17.5 billion) of Credit Suisse bonds, known as Additional Tier 1 or AT1 debt, to zero as part of a forced rescue merger with UBS. Under the deal, holders of Credit Suisse AT1…
By Manya Saini (Reuters) – Shares of Twitter co-founder Jack Dorsey’s Block Inc fell 3% in afternoon trading on Friday, a day after the payments firm’s Cash App business became the latest target of U.S. short seller Hindenburg Research. In a report, Hindenburg alleged that Block overstated its user numbers and understated its customer acquisition…
By David Lawder WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen will chair a closed meeting of the Financial Stability Oversight Council on Friday morning, according to daily media advisory for the department. The Treasury statement provided no further details about the subject of the FSOC meeting, which comes two weeks after regulators closed Silicon…
LONDON/NEW YORK (Reuters) – Banking stocks fell sharply again on Friday, with European giants Deutsche Bank and UBS knocked by worries that regulators and central banks have not yet contained the worst shock to the sector since the 2008 global financial crisis. The S&P 500 Banks Index was 1.5% lower and wider indicators of financial…
LONDON (Reuters) – Short sellers have made a profit of over $100 million on paper betting against Deutsche Bank stock over the last two weeks, financial data company Ortex said on Friday. Ortex said short interest in Deutsche Bank’s European and U.S.-listed shares has doubled over that period to $360 million. Deutsche’s German shares were…
