[ad_1] Low unemployment streak extends another month Low unemployment streak extends another month 02:47 Citigroup is planning to lay off 20,000 employees, or about 10% of its workforce, in the next two years as it comes off its worst quarterly financial results in more than a decade. The embattled bank on Friday reported $1.8 billion … Read more
[ad_1] Recent turmoil in the banking industry may have you worried about your money. Shares of PacWest, a small regional bank based in Los Angeles, plunged almost 40% Thursday after the company confirmed it may put itself up for sale. Anxiety over potential bank runs has sent shares of smaller banks tumbling. A bank run … Read more
[ad_1] First Republic Bank was teetering for weeks before it was seized early Monday by regulators, who then accepted a bid from banking giant JPMorgan Chase to acquire almost all of its assets. That move is leading to a host of questions about what happens next, such as the sale’s impact on depositors and shareholders. Here’s … Read more
[ad_1] Customers of First Republic Bank pulled more than $100 billion in deposits out of the bank during last month’s crisis, as fears swirled that it could be the third bank to fail a fter the collapse of Silicon Valley Bank and Signature Bank. San Francisco-based First Republic said Monday that it was only after … Read more
[ad_1] The Federal Deposit Insurance Corporation (FDIC) estimates the cost to the Deposit Insurance Fund to cover the collapse of Silicon Valley Bank is $20 billion — including $18 billion to cover uninsured deposits, according to the chairman of the FDIC, Martin Gruenberg. And the failure of Signature Bank is likely to require about $2.5 billion, including … Read more
[ad_1] During the 2008 financial crisis, so-called too-big-to-fail banks were deemed too large and too intertwined with the U.S. economy for the government to allow them to collapse despite their role in causing the subprime loan crash. Yet 15 years later, the forced sale of 166-year-old Credit Suisse — one of 30 banks around the … Read more
[ad_1] Shares of First Republic Bank continued their free-fall despite a rare move by the biggest U.S. banks to pump $30 billion into the regional lender. The company’s stock plunged more than 47% on Monday, while trading was halted numerous times because of volatility. The shares, which have dropped around 88% in the past two … Read more