First Republic’s shares dropped to all-time lows on April 28 following CNBC reports that the bank is entertaining the possibility of receivership by the Federal Deposit Insurance Corporation (FDIC). The bank’s stock fell by more than 50 percent and trading was halted multiple times throughout the day. CNBC reported that multiple banks were approached by…
First Republic Shares Plummet, Trading Halted as Reports Suggest FDIC Receivership Likely
Recession Likelihood: Watch for How Much Banks Restrict Lending
News Analysis The flow of credit in the Canadian economy is slowing. This is the effect of much higher interest rates—as engineered by the Bank of Canada—but the other component that could amplify the slowdown is more restrictive bank lending due to their lower risk appetites, concerns about clients’ creditworthiness, and regulatory supervision. Oxford Economics…
Buffett Says People Shouldn’t Worry About Berkshire, Banks
OMAHA, Neb.—Billionaire Warren Buffett assured investors Wednesday that Berkshire Hathaway will be fine when he’s no longer around to lead the conglomerate. Buffett said that after Vice Chairman Greg Abel takes over, Berkshire will still follow the same model of allowing its subsidiaries to largely run themselves while looking for other companies to buy with…
Several Landmines Ahead for US Economy
April 2, 2023
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Commentary Markets have remained relatively stable since the Federal Reserve announced a 25-basis-point hike in March, with no negative surprises jumping out of the U.S. banking sector. But the U.S. economy remains on the verge of trouble. There are landmines on several fronts that could hurt businesses and consumers. And all of this makes the…
Capitol Report: Senate Repeals Iraq War Authorizations; Russia Suspends Nuclear Notifications With US
The Senate repeals Iraq War authorizations 20 years after the start of the Iraq War, part of Congress’s effort to reassert its war powers over the president. Senators weigh a TikTok ban. One Republican breaks with the party in opposition, as Arkansas files a lawsuit against the platform over mental health concerns. Rep. Lou Correa…
‘Most Vulnerable’ US Banks Lost $1 Trillion in Deposits in a Year: JPMorgan
New YORK—JPMorgan Chase & Co. analysts estimate that the “most vulnerable” U.S. banks are likely to have lost a total of about $1 trillion in deposits since last year, with half of the outflows occurring in March following the collapse of Silicon Valley Bank. The team of JPMorgan analysts led by Nikolaos Panigirtzoglou did not…
American Public’s Confidence in Nation’s Banks Plummets After Failures, Poll Finds
The latest banking turmoil following the collapse of Silicon Valley Bank has significantly affected the American public’s confidence in the nation’s banks and other financial institutions, according to a new poll. The poll from the Associated Press-NORC Center for Public Affairs Research found that just 10 percent of U.S. adults say they have high confidence in the…
Confidence in US Banks Plummets After Failures: Poll
The banking turmoil following the collapse of Silicon Valley Bank (SVB) has significantly affected the American public’s confidence in banks and other financial institutions, according to a new poll. The poll from the Associated Press-NORC Center for Public Affairs Research found that just 10 percent of U.S. adults say they have high confidence in the nation’s banks…
Significant Number of Banks Will Fail Within 2 Years, Predicts CEO of Hedge Fund Giant
March 23, 2023
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The CEO of one of the largest publicly traded hedge funds has warned that the turmoil sparked by the collapse of Silicon Valley Bank (SVB) is not over and a “significant number” of banks could fail in the next two years. Man Group CEO Luke Ellis made the comments during a Bloomberg conference in London on March 22…
Canada’s Banking System Differs From US, Unlikely to See Run on Deposits: Economist
News Analysis Canada’s banks are fundamentally different from American banks and less likely to suffer from the malaise that has consumed the U.S. financial system for most of March, says a U.S.-based economist and former senior fellow with the Montreal Economic Institute. He nevertheless adds that banking reform, as it relates to protection for depositors,…
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