By David French, Nupur Anand and Lananh Nguyen (Reuters) – Shares of U.S. regional lenders including battered First Republic Bank surged on Tuesday as fears of a wider banking crisis abated and investors turned their focus to the U.S. Federal Reserve’s next move. The Fed’s relentless rate hikes to rein in inflation have been partly…
By Andrea Shalal WASHINGTON (Reuters) -The U.S. Treasury is continuing to monitor the health of mid-sized and regional banks and is considering what steps can be taken to further strengthen the country’s financial stability, Deputy Treasury Secretary Wally Adeyemo said on Tuesday. Adeyemo said “decisive action” taken by the Treasury, Federal Reserve and the Federal…
By Noel Randewich, Medha Singh and Ankika Biswas (Reuters) – Shares of U.S. lender First Republic tumbled nearly 50% on Monday on fears it will need a second rescue to stay afloat, bucking a broader rally in bank shares driven by UBS Group’s state-backed takeover of Credit Suisse. Less than a week after large U.S….
(Reuters) – BlackRock Investment Institute said on Monday it was downgrading credit and preferred short-term bonds for income, with strategists pointing to financial cracks from rapid interest rate hikes. “We stay risk-off: underweight developed market (DM) stocks and trim credit to neutral. But we are ready to seize opportunities as macro damage gets priced in….
NEW YORK (Reuters) – A former top executive at proxy solicitor Kingsdale Advisors on Monday said he launched a new firm amid growing demand for advice on engaging with shareholders as corporate agitators push for more changes at companies. Michael Fein, who headed Canadian firm Kingsdale’s U.S. operations as president, U.S., until the start of…
By Tom Westbrook SINGAPORE (Reuters) – The rudest shock in the rushed deal to save embattled Swiss lender Credit Suisse Group AG was reserved for the holders of the bank’s riskiest tranche of bonds. Not only did investors discover they are the only investors not getting any compensation but that the long-established practice of giving…
By Chris Taylor NEW YORK (Reuters) – There are a lot of guilty pleasures out there, but here is one common to plenty of movers and shakers on Wall Street: Watching “Succession.” The fourth season of the popular HBO series premieres on March 26, tracking the dysfunctional Roy family as they continue to gobble up…
By David French NEW YORK (Reuters) – Some U.S. regional banks’ efforts to raise capital and allay fears about their health are running up against concerns from potential buyers and investors about looming losses in their assets, five sources with knowledge of the discussions said. First Republic Bank and PacWest Bancorp are among the banks…
(Reuters) – Pacific Western Bank, a unit of PacWest Bankcorp, said on Friday it had witnessed ‘elevated’ withdrawals following the collapses of Silicon Valley Bank and Signature Bank, but deposit movements had stabilized since Monday. The Los Angeles-based bank gave no details on the sum of the withdrawals but said they were mainly from its…
By Nell Mackenzie, Carolina Mandl and Summer Zhen LONDON (Reuters) – Hedge funds are watching growing U.S.-Chinese geopolitical tensions and have spotted ways to trade them. U.S. authorities on Thursday told TikTok’s Chinese owners to divest their stakes in the popular video app or face a possible U.S. ban, Reuters reported. Britain, this week, described…
