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
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
Japan is Asia’s top destination for foodies this year, according to a new ranking released by the 50 Best organization. The country is home to 17 of the region’s 100 “best” restaurants, which were released in two parts in March. Singapore and Thailand tied for second place, with 15 restaurants each on the list. Hong … Read more
27 minutes ago European stocks open higher European stocks were up on Monday morning, with the Stoxx 600 index up 0.5% at 8.20am London time. Oil and gas stocks climbed 1.44%, mining stocks 1.36% and banks continued to regain positive momentum, up 1.2%. See the table… Stoxx 600 index. An hour ago Bailey: British banks … 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
19 minutes ago CNBC Pro: Here’s how to spot a good growth stock, according to a fund manager “As a growth manager… how do you identify good growth companies?” Fund manager Ian Mortimer told CNBC Pro Talks on Wednesday as he shared his strategy for spotting outperforming stocks. Mortimer manages the growth and innovation-focused Guinness … 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
German Chancellor Olaf Scholz said Deutsche Bank was profitable after shares fell more than 10% during European trading. Ludovic Marine | AFP | Getty Images BRUSSELS — European leaders made a point of stressing on Friday that the region’s banking sector was stable and solid after German Banksudden slide as markets opened for trade. German … Read more
