Lawmakers continue to hammer banking regulators over SVB’s collapse. Russia detains an American journalist from the Wall Street Journal. It’s the opening day of Major League Baseball. The pressure is on Steve Cohen’s Mets. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, United States, March 29, 2023. Brendan … Read more
Sergio Ermotti will replace current CEO Ralph Hamers, who is expected to remain at UBS to advise the bank during the transition period to ensure a smooth transfer, UBS said in a statement Wednesday. The move will be effective April 5, UBS said in a statement. Ermotti was CEO of UBS Group for nine years, … 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
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
Crypto companies are frustrated with the US government for its lack of clear rules for the industry and the Securities and Exchange Commission for its actions against digital currency companies. Unlike other countries, the United States has yet to put in place a comprehensive framework or set of regulations for the crypto industry. The executives … Read more
Bitcoin is up nearly 70% so far this year – and industry insiders who spoke to CNBC remain optimistic, with one saying the world’s largest cryptocurrency could reach new heights. Marshall Beard, chief strategy officer of US-headquartered cryptocurrency exchange Gemini, said $100,000 could be a possibility for bitcoin. Part of the positive industry view of … Read more
My top 10 things to watch Wednesday, March 22 1. The Fed meeting: does it really matter? Despite the banking crisis, the market is betting nearly 90% on another quarter-point interest rate hike on Wednesday afternoon. Investors are looking for any forward-looking comments in Fed Chairman Jerome Powell’s policy statement and post-meeting press conference. The … Read more
The Fed should raise its key rate. Google launches its AI product Bard for testing. Nike sees momentum in China after Covid-induced crisis. Here are the most important information investors need to start their trading day: Decision day has arrived. Will the Federal Reserve raise its benchmark rate by another quarter point, as has long … Read more
The Silicon Valley Bank collapse and banking crisis is “an excellent case study” for clients, says a financial adviser. When Silicon Valley Bank could not cover its customers’ withdrawal requests, it was forced to sell its Treasury bills before maturity at a steep loss. “The first line of defense should always be money,” says Lazetta … Read more
Sam Altman, co-founder and CEO of OpenAI Inc., speaks at TechCrunch Disrupt 2019 in San Francisco, Calif., Thursday, October 3, 2019. David Paul Morris | Bloomberg | Getty Images OpenAI CEO Sam Altman said in a recent interview with ABC News that he’s “a bit scared” of AI technology and how it might affect the … Read more
