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The Latest Breaking News on Financial Services

UBS takeover of Credit Suisse: the main points

Zurich (AFP) - The takeover of Credit Suisse by UBS will create a banking giant unprecedented in the history of Switzerland, where banking is a core part of the national identity.

AFP

New York Community Bank to buy large part of failed Signature Bank, US agency says

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.

France 24

New lending system ‘will help credit unions take on the banks’

The majority of people believe the exits of KBC and Ulster Bank will negatively impact them, a survey has found.

Irish Independent

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New Central Bank oversight regime can bring about culture change in our financial services sector

On March 9, the much-awaited new individual accountability regime in financial services was enacted into law, with most of the key aspects of the new regime to apply from December.

Irish Independent

RBA says Australian banks strong despite global turmoil

Reserve Bank assistant governor Christopher Kent says Australian banks are on a firm footing despite strained conditions in global financial markets.

AAP

UK banking system ‘safe and sound’ after Credit Suisse buyout, Bank of England says

Threadneedle Street has days before next interest rates call, as central banks signal more turmoil could follow

The Independent UK

ASX dives in late afternoon trade as moves to quell banking crisis fail to enthuse investors

Australia was the first major financial centre to react to UBS's takeover of Credit Suisse and coordinated action by central banks to pump more US dollars into the global banking system — and the response was hardly enthusiastic.

ABC News

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Midsize US banks ask FDIC to insure deposits for 2 years

A coalition of midsize U.S. banks asked federal regulators to extend FDIC insurance to all deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks.

Tribune News Service

Warren says she favors increasing FDIC’s deposit insurance cap

WASHINGTON — Sen. Elizabeth Warren is calling for more U.S. deposits to be covered by federal insurance and demanding government probes into whether lax regulation fueled this month’s collapse of Silicon Valley Bank and Signature Bank.

Tribune News Service

What happened to Credit Suisse and why are banks needing bailouts again?

Could isolated failures herald another global banking crisis?

The Independent UK

Banking giant UBS to buy Credit Suisse to rein in turmoil

Banking giant UBS is buying its smaller rival Credit Suisse for 3.2 billion dollars (£2.6 billion) in an effort to avoid further market-shaking turmoil in global banking, Swiss president Alain Berset announced on Sunday night.

Irish Independent

UBS agrees to take over Credit Suisse

Bern (Switzerland) (AFP) - UBS has agreed to take over its troubled Swiss rival Credit Suisse, the president of Switzerland announced Sunday, following urgent talks aimed at sparing the embattled bank from a bloodbath when the markets reopen.

AFP

UBS to buy troubled Credit Suisse in deal brokered by Swiss government

UBS will buy rival Credit Suisse for more than $3 billion in a deal brokered by Swiss officials to try and prevent a banking crisis.

WEKU

World's central banks rally to prevent banking crisis spreading after UBS takes over embattled Credit Suisse

Beleaguered bank Credit Suisse is bought out by Swiss rival UBS, with the nation's president saying an uncontrolled collapse would have had "incalculable consequences" for the international finance system.

ABC News

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The Independent UK

Swiss to hold news conference amid Credit Suisse troubles

Swiss leaders are holding a news conference Sunday night following several media reports that banking giant UBS is believed to be in talks to acquire its smaller rival Credit Suisse

AFP

UBS agrees to buy Credit Suisse for $2 bn: report

Bern (Switzerland) (AFP) - UBS has agreed to take over its troubled Swiss rival Credit Suisse after doubling its offer to $2 billion, the Financial Times reported amid urgent talks Sunday aimed at sparing the embattled bank from a bloodbath when the markets reopen.

The Guardian - US

Elizabeth Warren says Fed chair ‘failed’ and calls for inquiry into bank collapse

Progressive Democrat launches offensive on politicians on the left and the right who supported Trump-era deregulation of US banks

AFP

UBS, Credit Suisse lock horns in takeover talks

Bern (Switzerland) (AFP) - UBS is prepared to take over its troubled Swiss rival Credit Suisse but only for a knockdown price, reports said Sunday amid urgent talks aimed at saving the embattled bank from a bloodbath when the markets reopen.

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The Guardian - US

US banks want socialism for themselves - and capitalism for everyone else

When banks like Silicon Valley Bank collapse, money floods to bigger ones like JPMorgan. Clients know they’re ‘too big to fail’

Irish Independent

Silicon Valley Bank crash: Stocks are a ‘wobbling, but with big-bucks house buyers aplenty, they’re not in trouble just yet’

BlackRock chief executive Larry Fink should know a thing or two about bank wobbles.

The Guardian - UK

Interest rate rises in doubt as fear of new global crisis rattles central banks

Concern about trouble in finance sector, plus renewed momentum in UK economy, could halt rises City analysts thought were a certainty

Tribune News Service

Midsize US banks ask FDIC to insure deposits for two years

A coalition of midsize U.S. banks asked federal regulators to extend FDIC insurance to all deposits for the next two years, arguing the guarantee is needed to avoid a wider run on the banks.

The Guardian - UK

Millions paid in bonuses to UK Silicon Valley Bank staff days after £1 rescue

Workers reported to have received payouts from ‘modest’ pool of £15m-£20m following takeover deal by HSBC

AFP

Latin finance ministers meet in Panama under shadow of US bank crisis

Panama City (AFP) - Top financial officials from Latin American and Caribbean countries are meeting Saturday in an annual conclave of the Inter-American Development Bank (IDB), after a week overshadowed by the banking crisis in the United States and Europe.

The Guardian - UK

The SVB debacle has exposed the hypocrisy of Silicon Valley

US tech innovators have a culture of regarding government as an innovation-blocking nuisance. But when Silicon Valley Bank collapsed, investors screamed for state protection

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