The banking sector has recently been in disarray due to the failure of several major banks, including Silicon Valley Bank (SIVB) and Signature Bank (SI). Many investors fear the contagion could spread to other banks, leading to widespread bankruptcies or at least severe write-downs in intrinsic value across the sector. This has sent the stock … Read more
Charles Schwab is facing a tough few quarters as customers seek higher returns on their money. Photograph by Nicole Fara Silver Text size As Silicon Valley Bank imploded and regional bank stocks tumbled earlier this month, investors intensified their scrutiny of Charles Schwab — and sent stocks plummeting. Executives, including founder Chuck Schwab, moved quickly … Read more
Bank of the First Republic FRC -3.74% has paid family members of its founder, James Herbert, millions of dollars for work at the lender in recent years, including for interest rate and risk advisory services, according to public disclosures made by the bank as part of the annual deposits. The bank paid Mr. Herbert, who … Read more
Text size JPMorgan Chase is one of the top holdings in the SPDR S&P Bank ETF. Gabby Jones/Bloomberg Bank stocks have fallen to levels not seen since the pandemic, a chilling signal. What happens next will be telling. The SPDR S&P Bank listed index fund (ticker: KBE ), who counts New York Community Bank (NYCB), … Read more
Text size The Starwood Property Trust is attractive. This Miami building will serve as the headquarters. Starwood Property Trust Inc./PR Newswire As smaller banks batten down their hatches, many will shun commercial real estate loans. This could create opportunities for mortgage trusts investing in such loans, including Starwood Real Estate Trust (symbol: STWD) and Blackstone … Read more
Bank of the First Republic FRC 29.47% bolsters its advisory ranks as the troubled lender seeks to stay afloat and plan for a post-crisis future amid a transatlantic crisis of confidence in the banking system. The California bank this week typed Lazard ltd. LAZ 3.23% to assist in the review of strategic options which could … Read more
Text size First Republic shares closed down 47% in Monday trading. The stock is now down more than 90% so far in March. Eric Thayer/Bloomberg Shares of Bank of the First Republic are still in freefall even after the banking industry provided the lender with billions of dollars in cash. That money could be enough … Read more
The Federal Reserve will meet on Wednesday and, for once, the outcome is unclear. This is the most uncertain Fed meeting since 2008, said Jim Bianco, president of Bianco Research. Fed officials, starting with former Chairman Ben Bernanke, have perfected the art of having the market price in what the central bank will do – … Read more
““We have a self-induced crisis of irresponsible fiscal monetary policy over the past decade.”” —Leon Cooperman, President of the Omega Family Office This was billionaire hedge fund manager Leon Cooperman commenting on the current banking crisis which has seen the closure of SVB Financial Groups SIVB, Silicon Valley Bank and crypto-friendly lenders Signature Bank and … 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