Troubled Silicon Valley Bank acquired by First Citizens
March 27, 2023 GMTNEW YORK (AP) — First Citizens will acquire much of Silicon Valley Bank, the tech-focused financial institution that collapsed this month, setting off a chain reaction that caused a second bank to fail and tested faith in the global banking sector.
Black, Hispanic investors struggle with faith in crypto
March 27, 2023 GMTNEW YORK (AP) — A software developer twice invested his savings in cryptocurrencies, only to lose it all. But he still promotes it to the Black community and would like to get back in himself.
A recent college graduate and a single mom are dabbling hopefully in bitcoin after attending a crypto workshop sponsored by rapper Jay-Z at the public housing complex where the hip-hop star grew up.
Lawmakers tell ex-CEOs ‘you must answer’ for bank failures
March 23, 2023 GMTWASHINGTON (AP) — Leaders of the Senate's banking committee on Thursday warned former chief executive officers at the failed Silicon Valley Bank and Signature Bank that they expect them to testify before the panel, saying in a letter to each: “you must answer for the bank's downfall.”
Fed raises key rate by quarter-point despite bank turmoil
March 22, 2023 GMTWASHINGTON (AP) — The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system.
Public pension plan losses from bank failures seen as minor
March 21, 2023 GMTWhen two tech-linked U.S. banks failed this month, among the investors who lost millions were public-sector pension funds responsible for ensuring the retirements of teachers, firefighters and other government workers.
Business Highlights: Yellen speaks; Credit Suisse takeover
March 21, 2023 GMT___
Yellen says bank situation stabilizing, different from 2008
WASHINGTON (AP) — Treasury Secretary Janet Yellen says she’s focused on stabilizing the U.S. banking system following regional bank failures in California and New York.
Yellen says bank situation stabilizing, different from 2008
March 21, 2023 GMTWASHINGTON (AP) — Treasury Secretary Janet Yellen projected calm on Tuesday after recent regional bank collapses but told a gathering of bankers that additional rescue arrangements “could be warranted” if any new failures at smaller institutions jeopardize financial stability.
Army of lobbyists helped water down banking regulations
March 21, 2023 GMTWASHINGTON (AP) — It seemed like a good idea at the time: Red-state Democrats facing grim reelection prospects would join forces with Republicans to slash bank regulations — demonstrating a willingness to work with President Donald Trump while bucking many in their party.
Is my money safe? What you need to know about bank failures
March 20, 2023 GMTNEW YORK (AP) — Recent turmoil in the banking industry may have you worried about your money.
The recent collapses of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, were the second- and third-biggest bank failures in U.S.
Credit Suisse-UBS deal offers hope, but bank doubts persist
March 20, 2023 GMTCredit Suisse shares have plunged after Swiss authorities cut a deal with its bigger rival UBS to acquire the troubled bank at a marked-down price. But European bank stocks and the wider market gained Monday as investors watch whether moves to shore up banks will stem further upheaval in the global financial system. Credit Suisse's shares closed nearly 56% lower, trading at about the level they're valued at in the $3.25 billion deal. There's still uncertainty over how the merger will play out for the combined lender and what comes next for the wider banking system.
New York Community Bank to buy failed Signature Bank
March 20, 2023 GMTNEW YORK (AP) — New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.
The 40 branches of Signature Bank will become Flagstar Bank, starting Monday.
Bank failures: Anger in Congress, but division on what to do
March 18, 2023 GMTWASHINGTON (AP) — Bills were filed, hearings were planned and blame was cast as Congress reacted this past week to the abrupt failure of two banks.
Biden calls for tougher penalties for execs of failed banks
March 17, 2023 GMTWASHINGTON (AP) — President Joe Biden on Friday called on Congress to allow regulators to impose tougher penalties on the executives of failed banks, including clawing back compensation and making it easier to bar them from working in the industry.
Fed lent $300B in emergency funds to banks in the past week
March 16, 2023 GMTWASHINGTON (AP) — Cash-short banks have borrowed about $300 billion from the Federal Reserve in the past week, the central bank announced Thursday.
Nearly half the money — $143 billion — went to holding companies for two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets.
NY bank’s demise: Contagion or a problem with the business?
March 16, 2023 GMTSignature Bank's collapse came stunningly fast, leaving behind the question of whether there was a fundamental flaw in the way it did business — or if it was just a victim of the panic that spread after the failure of Silicon Valley Bank.
Government races to reassure US that banking system is safe
March 14, 2023 GMTNEW YORK (AP) — Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial institutions could fall.
Signature Bank seized to send banks a message, director says
March 13, 2023 GMTA regulatory takeover of a New York-based bank was intended to send a message to U.S. banks to stay away from the cryptocurrency business, a former member of Congress who was on the bank’s board says.
Asian shares mostly sink on jitters after US bank failure
March 13, 2023 GMTTOKYO (AP) — Asian shares mostly fell Monday, shaken by a Wall Street tumble that set off worries the biggest United States bank failure in nearly 15 years might have ripple effects around the world.
US government moves to stop potential banking crisis
March 13, 2023 GMTNEW YORK (AP) — The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.
Goldman Sachs, Shockwave fall; Morgan Stanley, Roblox rise
January 17, 2023 GMTNEW YORK (AP) — Stocks that traded heavily or had substantial price changes Tuesday:
Goldman Sachs Group Inc., down $24.08 to $349.92.
The investment bank reported weak fourth-quarter financial results as deals dried up.
Signature Bank: Q4 Earnings Snapshot
January 17, 2023 GMTNEW YORK (AP) _ Signature Bank (SBNY) on Tuesday reported fourth-quarter profit of $300.8 million.
The bank, based in New York, said it had earnings of $4.65 per share.
Signature Bank: Q3 Earnings Snapshot
October 18, 2022 GMTNEW YORK (AP) _ Signature Bank (SBNY) on Tuesday reported third-quarter net income of $358.5 million.
The New York-based bank said it had earnings of $5.57 per share.
NCR, Hasbro rise; IBM, Signature Bank fall
July 19, 2022 GMTNEW YORK (AP) — Stocks that traded heavily or had substantial price changes Tuesday:
Hasbro Inc., up 56 cents to $79.98.
The toy maker beat Wall Street's profit forecasts with strong showings from Magic: The Gathering and other tabletop games.
Signature Bank: Q2 Earnings Snapshot
July 19, 2022 GMTNEW YORK (AP) _ Signature Bank (SBNY) on Tuesday reported second-quarter net income of $339.2 million.
The New York-based bank said it had earnings of $5.26 per share.