May 1, 2023
The U.S. Treasury Department is encouraged that First Republic Bank was resolved with the least cost to the Deposit Insurance Fund, and believes the U.S. banking system remains sound and resilient, a Treasury spokesperson said early Monday. U.S. regulators on …
May 1, 2023
Regulators seized First Republic Bank and sold its assets to JPMorgan Chase & Co. on Monday, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under a lingering banking turmoil. …
April 28, 2023
The Federal Reserve issued a detailed and scathing assessment on Friday of its failure to identify problems and push for fixes at Silicon Valley Bank before the U.S. lender’s collapse, and promised tougher supervision and stricter rules for banks. In …
April 25, 2023
First Republic Bank has been sued by shareholders who accused the beleaguered U.S. regional bank of concealing how rising interest rates threatened its business model by prompting an exodus of deposits. The lawsuit filed late Monday in San Francisco federal …
March 30, 2023
The scope of blame for Silicon Valley Bank’s failure stretches across bank executives, Federal Reserve supervisors and other regulators, the banking system’s top cop on Wednesday told U.S. lawmakers demanding answers for the lender’s swift collapse. “I think that any …
March 28, 2023
Australia’s financial institutions must improve their resilience to cyberattacks, the head of the nation’s banking regulator said Tuesday. A recent review uncovered a “lack of rigor” in the nature and frequency of security control testing and insufficient board oversight on …
March 27, 2023
Credit Suisse bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS. These higher-yielding junior bonds emerged from the …
March 24, 2023
The rapidly unfolding crises of confidence at Credit Suisse Group AG and Silicon Valley Bank are prompting some regulators gathered at the European Central Bank to rethink their treatment of liquidity risk. The watchdogs are in the early stages of …
March 21, 2023
US officials are studying ways they might temporarily expand Federal Deposit Insurance Corp. coverage to all deposits, a move sought by a coalition of banks arguing that it’s needed to head off a potential financial crisis. Treasury Department staff are …
March 20, 2023
U.S. banking stocks rose on Monday and Europe’s lenders recovered from a sharp early sell-off after UBS Group’s state-backed takeover of Credit Suisse appeared to close off one source of worry for the global banking sector. In a package engineered …