Fund managers fear ‘systemic credit event’ as biggest threat to markets: BofA

Posted: March 21, 2023 8:53 a.m. ET Fund managers fear a systemic credit crunch could be the biggest tail risk this month, Bank of America strategists said following their latest survey data. The bank’s latest global survey of fund managers found that 31% of 212 fund managers polled voted systemic credit crunch as the biggest … Read more

JPMorgan CEO Jamie Dimon leads efforts to craft new rescue plan for First Republic Bank

Discussions, though preliminary, have focused on how the industry could arrange an investment that would increase the bank’s capital, according to people familiar with the matter. Among the options on the table, people said, is investment in the First Republic by the banks themselves. Eleven major banks banded together last week to deposit $30 billion … Read more

US stocks gain, but First Republic Bank slips

As of 4 p.m. ET, the Dow Jones Industrial Average added about 380 points, or 1.2%, and the S&P 500 rose 0.9%. The technology-focused Nasdaq Composite climbed 0.4%. The indices fell on Friday but have been relatively insulated from the banking crisis so far. Authorities sought to stem a dangerous decline in confidence in the … Read more

Amazon announces more layoffs, cutting 9,000 more jobs Inc. said it would cut 9,000 more jobs from the companies, including its profitable cloud computing and advertising businesses, a sign that the company’s cost-cutting is spreading to all aspects of its operations as tech giants continue to cut spending. Chief Executive Andy Jassy said in a statement that the company had recruited a … Read more

Amazon shares down nearly 2% as another 9,000 layoffs are announced

Posted: Mar 20, 2023 10:54 a.m. ET Inc. is cutting an additional 9,000 jobs, the company announced Monday morning. The retailer’s stock is down nearly 2% in late morning trading. In a memo to staff, Amazon AMZN chief executive Andy Jassy said the cuts will take place over the next few weeks and will … Read more

The Fed raised concerns about SVB’s risk management in 2019

WASHINGTON — The Federal Reserve raised concerns about risk management at Silicon Valley Bank at least four years before its failure earlier this month, documents show. In January 2019, the Fed issued a warning to SVB SIVB -60.41% on its risk management systems, according to a presentation released last year to employees of SVB’s venture … Read more

UBS close to an agreement to acquire Credit Suisse for more than 2 billion dollars

Swiss authorities attempted to finalize the deal on Sunday before Asian markets opened for the week. They walked a fine line, having to get the boards of both banks to agree to the deal and avoid the alternative, a regulator-led liquidation of Credit Suisse, which could prove longer and more painful for the bank. financial … Read more

Study: These foods increase your risk of dementia — a lot

Butter. Burgers. Sausages. Store-bought pastries, cakes and cookies. Oh, and sodas, sweet or diet. They’re all bad, and they all increase our risk of dementia – by a lot. So reports one of the largest and most chilling studies ever, involving around 60,000 people in their 40s, 50s and 60s. The study, involving massive numbers … Read more

From SVB’s sudden collapse to Credit Suisse fallout: 8 charts show financial market turmoil

A tumultuous week in U.S. financial markets ended on an uncertain note on Friday after a massive injection of $30 billion in deposits from major banks into First Republic Bank failed to calm investors. Last week, the sudden collapse of three US banks – Silvergate Capital, Signature Bank SBNY and Silicon Valley Bank – began … Read more

Virgin Orbit, Richard Branson’s satellite launch business, fell fast

Two months ago, Virgin Orbit VORB by Richard Branson -9.14% Holdings Inc. was set to make history by delivering the first satellites into orbit from the billionaire’s home country of the UK This high-profile launch from Cornwall, England, went wrong, ending with the destruction of its satellite payload and triggering an investigation into what went … Read more