Failed Signature Bank will be taken over by New York Community Bancorp

Failed Signature Bank will be taken over by New York Community Bancorp

Signature Bank, which collapsed last week in the wake of Silicon Valley Bank’s failure, will be taken over by New York Community Bancorp, the Federal Deposit Insurance Corporation (FDIC) announced Sunday. With deposits of $88.6 billion and more than $110 billion in assets at the end of 2022, Signature Bank’s collapse is considered the third-largest bank … Read more

UBS agrees to buy rival Credit Suisse

UBS agrees to buy rival Credit Suisse

UBS agrees to buy rival Credit Suisse – CBS News Watch CBS News Swiss banking giant UBS has agreed to buy rival Credit Suisse for $3 billion. The deal, brokered by the Swiss government, is aimed at staving off fears of a broader banking collapse. Be the first to know Get browser notifications for breaking … Read more

Shares of First Republic and Credit Suisse tumble despite new capital

Shares of First Republic and Credit Suisse tumble despite new capital

First Republic Bank and Credit Suisse shares tumbled Friday, a sign investors remain wary of the beaten down banking industry despite public and private measures to stabilize the sector. The decline in the banks’ stocks resumed downward slides that were interrupted on Thursday when both First Republic and Credit Received received pledges of emergency funding … Read more

Ex-Theranos exec Sunny Balwani finds way to delay prison sentence

Ex-Theranos exec Sunny Balwani finds way to delay prison sentence

Former Theranos executive Ramesh “Sunny” Balwani found an escape hatch Thursday from the scheduled start of his nearly 13-year prison sentence for a blood-testing hoax he engineered with his former boss and lover, Elizabeth Holmes. Just hours before Balwani was supposed to surrender to authorities, his lawyer filed documents notifying U.S. District Judge Edward Davila … Read more

Biden asks Congress to crack down on executives at failed banks

Biden asks Congress to crack down on executives at failed banks

Stocks rebound as Yellen testifies on banks Yellen testifies on Capitol Hill as bank stocks see slight rebound 05:51 Washington — President Biden on Friday called on Congress to give his administration the authority to impose tougher penalties on senior bank executives who mismanage lending institutions as the fallout from several recent bank failures continues to … Read more

Ryan Reynolds could make $300 million from Mint Mobile sale

Ryan Reynolds could make $300 million from Mint Mobile sale

Ryan Reynolds may be best known for his portrayal of the wise-cracking Deadpool, but the actor is also developing a reputation as a savvy investor. After taking stakes in businesses like Aviator Gin and Mint Mobile, the Canadian’s wealth from dealmaking may far surpass his movie industry earnings. Reynolds could earn a payout of more … Read more

China’s tech giant Baidu unveils “Ernie,” the Chinese answer to AI chatbot technology like ChatGPT and GPT4

China's tech giant Baidu unveils "Ernie," the Chinese answer to AI chatbot technology like ChatGPT and GPT4

Beijing — Days after popular artificial intelligence tool ChatGPT‘s developer OpenAI released its latest version, GPT4, Chinese tech giant Baidu, best known for its search engine and map services in the country, revealed its AI answer to the world. In a prerecorded video presentation, Baidu’s celebrity founder Robin Li showcased the “Ernie” (Enhanced Representation of Knowledge … Read more