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
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
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.co.uk 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
Posted: Mar 20, 2023 10:54 a.m. ET Amazon.com 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
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
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
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
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
General dollar Corp. CEO -2.96% plans to invest an additional $100 million in its stores, mostly in staffing, as it seeks to attract more shoppers looking for bargains from rivals. Chief executive Jeff Owen said on Thursday that the investment in additional working hours should build on its continued sales growth and capture market share … Read more