The turmoil unleashed by the Silicon Valley Bank collapse demolished much of what the Federal Reserve, political leaders and investors thought they had learned from the 2007-09 global financial crisis. They assumed that complex securities, too-big-to-fail banks, and obscure, poorly regulated lenders were the weak links in the system. Instead, the weak links were its … 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
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
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
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
And so we come to the end of another frenetic week in the markets. The CBOE VIX Index VIX , the stock volatility gauge, rose twice to 30 before falling again. The ICE BoAML MOVE Index, a VIX for the Treasury market, hit its highest level since the Great Financial Crisis of 2008, at one … 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
U.S. stocks could see increasingly wild swings in the coming days as options contracts tied to trillions of dollars worth of securities are due to expire on Friday, removing a buffer that some say helped thwart the index S&P 500 to break out of a tight trading range. . Options contracts worth $2.8 trillion set … Read more
