AS a series of US lenders were besieged by customers yanking out their money this month, banking behemoths including JPMorgan Chase & Co, Citigroup and Bank of America warned employees: Do not make it worse.
UBS Group wealth boss Iqbal Khan is working the phones and criss-crossing the globe to thwart the potential loss of top Credit Suisse Group bankers and clients as competitors seek to exploit the turmoil surrounding the Swiss lender.
US TREASURY Secretary Janet Yellen sought to reassure jittery investors that American bank deposits were safe and promised policymakers had more firepower to battle any crisis even as bank stocks resumed their slide on Thursday.
HINDENBURG Research on Thursday (Mar 24) disclosed short positions in Block and alleged that the payments firm led by Twitter co-founder Jack Dorsey overstated its user numbers and understated its customer acquisition costs.
CUSTOMERS Bancorp, a small Pennsylvania lender whose holding company is led by Jay Sidhu, is exploring a deal for all or part of the failed Silicon Valley Bank, according to people familiar with the matter.
COINBASE Global’s recent hot streak has come to an abrupt end after a warning notice from the Securities and Exchange Commission about potential violation of securities law renewed uncertainty over extensive parts of the biggest US crypto exchange’s business.
THE dollar headed on Thursday (Mar 23) for its longest losing streak in 2½ years after the Federal Reserve sounded close to calling time on interest rate hikes, while the Swiss National Bank and Bank of England pushed ahead with further rate increases.
WITH its net profit hitting a record high of S$4.6 billion for the financial year ended Dec 31, 2022, the salary of United Overseas Bank’s (UOB) chief executive officer has also gone up.
SINGAPORE’S wealth managers say their clients are making portfolio adjustments in reaction to recent banking instability, but inflows continue to be strong.
ANALYSTS expect the number of banking positions to fall in Singapore in the wake of UBS’ takeover of Credit Suisse, due to redundancies after the merger.
