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one hour ago
First Citizens is buying parts of the Silicon Valley bank
First Citizens Bank has agreed to buy Silicon Valley bank deposits and loans, the US Federal Deposit Insurance Corporation announced early Monday.
“The former 17 branches of Silicon Valley Bridge Bank, National Association, will open as First-Citizens Bank & Trust Company on Monday, March 27, 2023,” the FDIC said in the statement.
“Customers of Silicon Valley Bridge Bank, National Association, should continue to use their existing branch until they receive notification from First-Citizens Bank & Trust Company that systems conversions have been completed to allow full banking services at all other branch locations.”
Read the full story here.
– Elliott Smith
7 hours ago
Fed’s Kashkari says banking pressures are bringing the US closer to recession
Minneapolis Federal Reserve Bank President Neel Kashkari said the recent banking turmoil could bring the US closer to recession. Interview on CBS’s Face The Nation.
He said in response to a question whether the banking crisis with medium-sized banks may have a real impact on the economy. “And then the credit crunch will, as I said, slow the economy.”
He said Fed officials are watching the impact of the banking sector fallout “very closely,” and the current system has the “full backing” of the Fed.
“The American banking system is resilient, and it is sound,” he said, when asked about the stability of the banking system and its ability to control more risks that we are seeing in California and New York.
“The banking system has a strong capital position, plenty of liquidity and has the full support of the Federal Reserve and the other regulators behind it,” Kashkari said.
“I’m not saying all the stress is behind us, I expect this process to take some time. But fundamentally, the banking system is sound,” he said.
– Jihe Lee
6 hours ago
CNBC Pro: Rivian shares continued to drop. This is where you see Wall Street going next.
Most electric vehicle stocks are up this year, but Rivian is one exception.
Its shares have continued to hit recent lows. Is Rivian just a cash-burning company, or does Wall Street see a huge rally in the stock ahead? That’s what they say.
CNBC Pro subscribers can read more here.
– Wizen tan
6 hours ago
CNBC Pro: ‘Selling on rallies’: Morgan Stanley says European banking sector ‘hasn’t been as attractive as it used to be’
In the wake of recent banking pressures, Morgan Stanley warned that the European banking sector was “not as attractive as it was” last week despite the recent declines in share prices.
Wall Street Bank Strategists also recommend holding 10 defensive stocks now while selling European bank stocks “on any material rally”.
CNBC Pro subscribers can read more here.
– Ganesh Rao
3 hours ago
European Markets: Below are the opening calls
European markets are heading for a positive open on Monday morning.
Britain’s FTSE 100 is expected to rise 53 points at 7,458, Germany’s DAX is up 154 points at 15,111, France’s CAC is up 68 points at 7,083, and Italy’s FTSE MIB is up 197 points at 26,089, according to data from IG.
The German Ifo Survey of Current Economic Sentiment was released on Monday.
– Holly Ellytt
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