First Citizens Bancshares Inc., FCNCB 1.85% one of the nation’s largest regional banks, is buying big chunks of Silicon Valley Bank more than two weeks after the lender’s meltdown rocked the banking system. The Federal Deposit Insurance Corp. said First Citizens FCNCB 1.85% acquires all deposits, loans and branches of Silicon Valley Bank, which will … Read more
US policymakers watched with suspicion the hasty rescue of Credit Suisse CS -6.94% Group AG this weekend, hoping that its takeover by UBS Group HER stem a fall in financial stocks triggered by the recent failure of two regional banks. Late Sunday, the Fed and five major central banks announced a coordinated effort to improve … Read more
One option would be to buy all of Credit Suisse and then turn its local Swiss operations into an independent entity, the sources said. UBS would retain Credit Suisse’s valuable wealth management business. Discussions are ongoing and the contours of the deal could still change as UBS and Swiss regulators flesh out the details of … Read more
The deal could be completed on Sunday if not earlier, the people said. Regulators have offered to waive the usual shareholder voting requirement to speed up the sale, one of the people said. Discussions were quick and a remaining sticking point was the ownership status of the major Swiss retail arm of Credit Suisse, the … Read more
Friday’s fall reflected fears that the big-bank bailout deal hasn’t fully solved the problems of the First Republic, which also suspended its dividend on Thursday. The uproar has prompted analysts to ask whether the company may be under pressure to find a buyer. “It’s unclear whether it’s viable as a stand-alone entity,” said Julian Wellesley, … Read more
Stocks fell on Thursday after jobless claims showed the labor market is still strong, complicating the picture of the Federal Reserve’s rate path. Stocks started the day higher, then fell at midday. The losses increased in the afternoon. The S&P 500 recently fell 1.8%. The technology-focused Nasdaq Composite fell about 2% and the Dow Jones … Read more