44 minutes ago
First citizens to buy parts of Silicon Valley Bank
First Citizens Bank has agreed to buy Silicon Valley Bank’s deposits and loans, the US Federal Deposit Insurance Corporation said early Monday.
“The 17 former branches of Silicon Valley Bridge Bank, National Association, will open Monday, March 27, 2023 as First-Citizens Bank & Trust Company,” the FDIC said in the release.
“Customers of Silicon Valley Bridge Bank, National Association should continue to use their current branch until notified by First–Citizens Bank & Trust Company that the system conversion has been completed to enable full-service banking at all other branch locations . “
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– Eliot Smith
5 hours before
Fed’s Kashkari says bank stress is bringing US closer to recession
The recent banking turmoil could push the US closer to a recession, Minneapolis Fed President Neel Kashkari said in an interview with CBS’ Face The Nation.
“It definitely brings us closer at the moment, what’s unclear to us is how much of this banking stress is leading to a widespread credit crunch,” he said when asked if the mid-tier banking crisis could have a real impact on the economy . “And then, just like you said, this credit crunch would slow down the economy.”
He said Fed officials are “very, very closely” monitoring the impact of the banking sector’s fallout and that the current system has the “full support” of the Federal Reserve.
“The US banking system is resilient and healthy,” he said when asked about the stability of the banking system and its ability to control broader risks in California and New York.
“The banking system is well capitalized and has plenty of liquidity and has the full support of the Federal Reserve and other regulators that stand behind it,” Kashkari said.
“I’m not saying that all burdens are behind us, I assume that this process will take some time. But basically the banking system is healthy,” he said.
– Jihye Lee
5 hours before
CNBC Pro: Rivian shares keep hitting bottoms This is where Wall Street sees it next.
Most electric vehicle stocks are up this year, but Rivian is an exception.
Its stocks have been hitting lows on and off lately. Is Rivian just a money-burning company, or does Wall Street see significant upside potential for the stock going forward? Here’s what they say.
CNBC Pro subscribers can read more here.
— Wheat Tan
5 hours before
CNBC Pro: ‘Sell into rallies’: Morgan Stanley says European banking sector is ‘not as attractive as it used to be’
Amid recent tensions in the banking sector, Morgan Stanley warned last week that the European banking sector “isn’t as attractive as it used to be” despite recent share price declines.
Wall Street Bank strategists also recommend owning 10 defensive stocks while selling European bank stocks “into any material rally.”
CNBC Pro subscribers can read more here.
— Ganesh Rao
2 hours ago
European Markets: Here are the opening calls
European markets are heading for a positive Monday morning.
According to data from IG, the UK FTSE 100 index is expected to open 53 points higher at 7,458, Germany’s DAX 154 points higher at 15,111, France’s CAC 68 points higher at 7,083 and Italy’s FTSE MIB 197 points higher at 26,089.
The German Ifo survey on current economic sentiment will be released on Monday.
— Holly Ellyatt