The Swiss decision has led some Credit Suisse AT1 bondholders to consider legal action and has created uncertainty for bondholders around the world. “We wanted to make it very clear to investors, to avoid being misunderstood: we have no choice but to respect this hierarchy,” the chairman of the EU’s Single Resolution Board told CNBC. … Read more
House lawmakers ripped into top U.S. banking regulators on Wednesday, questioning their competence and saying examiners were asleep at the wheel, in a second day of congressional hearings this week into how Silicon Valley Bank and Signature Bank collapsed virtually overnight on March 10 and 12. “We need competent financial supervisors, but Congress cannot legislate … Read more
Sen. Tim Scott, RS.C., right, greets off-camera Michael Barr, Vice Chairman for Oversight of the Federal Reserve Board of Governors, in the Dirksen Building on Tuesday, March 28, 2023. tom williams | Cq-roll Call, Inc. | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates … Read more
The collapse of Silicon Valley Bank and Signature Bank continues to bring scrutiny to FDIC coverage limits, which are typically $250,000 per depositor. On Friday, President Joe Biden said the FDIC could guarantee deposits above $250,000 if further instability occurs. However, experts say it is possible to get more insurance on your deposits on your … Read more
Bloomberg News reported on Saturday that U.S. officials are considering expanding federal programs that provide banks with liquidity, in part to help the First Republic while it searches for a buyer. CNBC reported on Saturday that deposit inflows to big banks from smaller regions have slowed significantly. Regional bank stocks have come under significant pressure … Read more
Saudi National Bank Chairman Ammar al-Khudairy has resigned from his post. He will be replaced by the managing director and CEO of the SNB group, Mohammed al-Ghamdi. Al-Khudairy’s resignation comes days after his mid-March comments that SNB was unlikely to increase its stake in Credit Suisse, at a time when the European lender was battling … Read more
In the wake of recent market volatility and sharp falls in share prices, Morgan Stanley warned that the European banking sector was “not as attractive as it used to be”. Shares of Deutsche Bank fell on Friday as concerns over the stability of European banks lingered after the forced acquisition of troubled Credit Suisse by … Read more
A branch of Deutsche Bank AG in the financial district of Frankfurt, Germany, Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty Images This report comes from today’s CNBC Daily Open, our new international markets newscast. CNBC Daily Open updates investors on everything they need to know, wherever they are. Like what you see? … Read more
The surge in deposits moving from small banks to large institutions, including JPMorgan Chase and Wells Fargo, has slowed to a trickle in recent days, CNBC has learned. Deposit flight, which has rocked global markets and forced regulators to intervene to protect bank customers, began to improve around March 16, people with knowledge of the … Read more
Fed data showed bank customers collectively withdrew $98.4 billion from accounts for the week ended March 15, as Silicon Valley Bank and Signature Bank failed. Financial Stability Supervisory Board officials, meeting behind closed doors on Friday, insisted the system “remains strong and resilient”. A branch of First Citizens Bank in Dunwoody, Georgia on Thursday, March … Read more
