By John Revill ZURICH (Reuters) – The fall of Credit Suisse has dealt a serious blow to Switzerland’s credentials as the world’s leading wealth management centre, experts warn, calling into question its reputation for stability, regulation and corporate governance. Battered by years of scandals and losses, Credit Suisse had been fighting a crisis of confidence…
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 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….
By Noele Illien, John Revill and Tom Sims (Reuters) – Swiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank after the flagship Swiss lender’s shares tumbled as much as 30% on Wednesday. In a joint statement, the Swiss financial regulator FINMA and the nation’s central bank sought…
By Nate Raymond (Reuters) – In the first ruling written by President Joe Biden’s appointee Justice Ketanji Brown Jackson, the U.S. Supreme Court on Tuesday sided with 30 states that argued that Delaware had no right keep hundreds of millions of dollars in uncashed MoneyGram checks for itself. The ruling authored by Jackson, who was…
By Joice Alves LONDON (Reuters) – Europe’s banks, which enjoyed a stellar fourth-quarter that yielded a surge in earnings growth to 15-year highs, are still looking cheap and could have more room to rally. Economic data hasn’t been as bad as many had feared. The euro zone is expected to stagnate rather than contract, while…
By Lawrence White, Iain Withers and Sinead Cruise LONDON (Reuters) – British banks face a tougher battle for mortgage customers and business borrowers in 2023, as rising costs and deposit rates paid to long-suffering savers threaten to outpace flatlining profit margins, senior industry executives and analysts said. The 2022 annual results from the country’s four…
By Lananh Nguyen NEW YORK (Reuters) – Bank of America Corp (BofA) amassed $1.2 billion in expenses for litigation and regulatory investigations last year including fines and settlements, according to a company filing on Wednesday. The cost is a major jump from $164 million recorded by the second-largest U.S. lender in 2021 and $823 million…
By Chris Taylor NEW YORK (Reuters) – Eytan Morgenstern is facing a very expensive dilemma. The 36-year-old public relations professional has an opportunity to check something off his life ‘bucket list’: Seeing his favorite band, Metallica, play live. One problem: They are not coming to his city of Jerusalem, so he is considering going to…
By Tom Sims and John O’Donnell FRANKFURT (Reuters) – For years, Allianz, one of the world’s biggest investors, piled billions into property, wind farms and even London’s sewage system, but now it is moving to shun such “alternative” investments for plain vanilla bonds, people with knowledge of the matter said. The German company’s new approach…
