(Reuters) – Amgen Inc said on Thursday it would cut 450 jobs, or less than 2% of its workforce, making it the company’s second round of layoffs this year amid intensifying pressure on drug prices and high inflation. “We made these changes to realign our expense base in the face of intensifying pressure on drug…
By Lisa Baertlein and Kannaki Deka (Reuters) -FedEx Corp on Thursday raised its fiscal 2023 profit forecast despite weak market conditions, citing progress on its plan to shave $3.7 billion in costs from its global delivery business, sending its shares up more than 11%. The Memphis, Tennessee-based company also posted a higher-than-expected quarterly profit despite…
PANAMA CITY (Reuters) – Panama’s risk of contagion from banking woes in the United States and Europe is “very limited”, an official with banking regulator SBP said on Thursday, adding that local lenders have no exposure from interbank deposits or other investments. “We can count on a very solid banking system,” Amauri Castillo, an SBP…
(This March 3 story has been corrected to say that only one unit of BGI Genomics was added to the list and the Commerce department added a total of three BGI Group units, in paragraphs 1 and 2) HONG KONG (Reuters) – China opposes the United States adding several Chinese firms to its trade blacklist,…
By Michael S. Derby NEW YORK (Reuters) – Banks sought record amounts of emergency liquidity from the Federal Reserve over recent days in the wake of the failure of Silicon Valley Bank and Signature Bank, driving up the size of the Fed’s balance sheet after months of contraction, central bank data on Thursday showed. Banks…
(Reuters) -First Republic Bank has received $30 billion in deposits from several big banks, the banks said in a statement on Thursday, as part of a rescue package for the lender. JPMorgan Chase & Co, Citigroup Inc, Bank of America Corp, Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley and others are involved…
By Selena Li and Elisa Martinuzzi (Reuters) – Credit Suisse Group AG’s average liquidity coverage ratio, a measure of how much cash-like assets the bank has, did not change between March 8 and March 14, despite the global banking crisis, the Swiss lender said on Thursday. In a memo to staff with talking points for…
By Selena Li (Reuters) – Credit Suisse Group AG told staff on Thursday that the emergency backstop from the Swiss central bank does not trigger a “viability event,” according to documents seen by Reuters. The bank also gave an update on how much money it had returned to investors in its supply chain finance funds,…
By Lawrence White and Marc Jones LONDON (Reuters) – Banks should largely be able to cope with “unrealised losses” on bonds and the collapse of Silicon Valley Bank, top credit ratings agencies S&P Global and Moody’s said on Thursday, although they remained guarded on Credit Suisse’s woes. “At this stage, we view the risks from…
By Nell Mackenzie and Pablo Mayo Cerqueiro LONDON (Reuters) -Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Hedge funds including Citadel, Wellington Management, Capital Fund Management and…
