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The Latest Breaking News on Financial Services

Why are banks collapsing? Signature Bank and SVB fail as UBS buys Credit Suisse

The aftermath of the SVB collapse led to heavy losses on the London Stock Exchange and a sharp fall in US banking stocks

Evening Standard

First Republic’s shares crash more than 46% after downgraded credit rating

The US bank may need to raise more funds despite a $30bn rescue last week

The Guardian - UK

What are AT1 bank bonds – and why are Credit Suisse’s wiped out?

Global banking system is under pressure amid row over who should lose out first when a bank struggles

The Guardian - UK

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Federal Reserve Rate Hike Odds Grow As Bank-Crisis Fears Ebb; S&P 500 Rises

With a Federal Reserve rate hike this week still in doubt, the S&P 500 rallied on Monday as the bank crisis showed signs of stabilizing.

Investors Business Daily

Will the Credit Suisse bank takeover calm financial fears?

Globally connected Credit Suisse has been taken over by rival UBS at the urging of Swiss authorities to avoid a collapse that could have sent shock waves through the global economy

The Independent UK

3 Top Stocks to Buy During a Recession

Although the Fed might opt for a softer stance on the rate hike at the policy meeting this week, the fears of further aggressive rate hikes later this year remain. This, along with the banking crisis, is fueling recession concerns. Therefore, investing in defensive stocks McDonald’s (MCD), Elevance Health (ELV),…

StockNews.com

How is the global banking crisis impacting the US and what is being done to solve it?

Collapse of Silicon Valley Bank sparks collapse of confidence in markets

The Independent UK

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Bank Crisis: UBS Buys Credit Suisse; U.S. Bank Upgraded, PacWest, N.Y. Community Bank Rally

Swiss bank UBS agreed to buy Credit Suisse Sunday in a government-backed deal; First Republic downgraded, plans stock sale.

Investors Business Daily

Ackman Says Bank Of America Will Buy Signature Bank Monday, Predicts Crisis Of Confidence

Billionaire investor Bill Ackman said Friday that Bank of America will buy Signature Bank on Monday as other banks face peril

Zenger

US banks on bumpy path as First Republic’s troubles persist

Just weeks ago, they were bit players in the giant U.S. banking system. Now, a handful of regional lenders are at the heart of a crisis that’s shaken the country and engaged the likes of Warren Buffett and Jamie Dimon.

Tribune News Service

Opinion: What China Can Learn From SVB’s Collapse

The U.S. response to Silicon Valley Bank’s failure can offer valuable insights to China’s banking industry, an economist says

Caixin Global

Is it time to raise the FDIC deposit cap?

As it stands, things are murky: The cap exists, but it could be waived for banks that seem important enough

Axios

Billions knocked off UK banking shares as financial fears linger after $3.3 billion Credit Suisse rescue

Interest rate rises look less likely as turmoil continues in financial sector as wider markets find support

Evening Standard

Everyone take a deep breath -- our banks are ok

City Comment: A run on banks used to take weeks. Now it takes hours...

Evening Standard

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Evening Standard

What is Credit Suisse, why is it so significant and who rescued it from collapsing?

As Switzerland’s second biggest lender, Credit Suisse was considered one of the top 30 most important banks in the world

The Guardian - UK

UK and US shares climb as banks and ministers aim to calm Credit Suisse fears

FTSE 100 rises and European banking shares are up after early jitters over what UBS takeover deal means for bondholders

Los Angeles Times

Silicon Valley Bank's demise animates early days of California's 2024 US Senate contest

With a mirror slightly askew in the background, Rep. Katie Porter sat in her Irvine bedroom and flipped on Instagram live as several regional banks teetered on collapse, with depositors frantically seeking to pull money from their accounts.

Evening Standard

Thousands of City jobs at risk in Credit Suisse crisis as UBS takes over embattled bank

Investment bank, back office and technology jobs are set to be axed in London after UBS swallowed up Credit Suisse

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Asharq Al-Awsat

Oil Falls More Than $2 on Banking Concerns, Likely Fed Rate Hike

Oil prices fell on Monday to their lowest in 15 months on concerns risks in the global banking sector may cause a recession that would lead fuel demand to decline and ahead of a potential hike in US interest rates this week. Brent crude futures for May settlement fell $2.32,…

Belfast Live

Ulster Bank plans major refresh of central Belfast branch

The move will see the branch adopt the style of flagship NatWest branches in cities across England and Wales

The Guardian - AU

Explainer: are we in a banking crisis?

The below-market sale of Credit Suisse has spooked investors but other markets have held up well and central banks are working to keep money flowing

Al Jazeera

US sees bank deposits stabilise even as some regional banks reel

Deposits in the country’s banking system are stabilising, Reuters reported citing unnamed US official.

The New Daily

RBA says it’s harder to break the bank in Australia

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

Al Jazeera

Japan, Singapore and Hong Kong downplay Credit Suisse fallout

Asian financial authorities say Swiss lender’s takeover not likely to affect stability of local banks.

France 24

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.

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